A bounce was expected to continue to start the new week. The target remains the same.
A small range inside day fits short-term expectations for the Elliott wave count.
A short-term Elliott wave target for upwards movement to end was calculated yesterday at 1,318 to 1,322. Upwards movement continued to a high at 1,319.80.
Downwards movement continues as the bigger picture for the Elliott wave count expected, although a small bounce up to 1,337 was expected first.
A channel is used to indicate a trend change. While price remains within the channel, the upwards trend should be assumed to continue.
Sideways movement continues as both Elliott wave counts expected.
Today a small range day remaining well within resistance and support does not change the Elliott wave counts.
For the short term, a small pullback was expected to continue. This is exactly what is happening.
Upwards movement continues as the preferred Elliott wave count expects.
All four weekly Elliott waves counts remain valid.
Another small range day remains within identified support and resistance. A consolidation was expected to continue.
A small range inside day does not change the Elliott wave counts.
All three daily Elliott wave counts remain valid. Volume today supports the main Elliott wave count.
Price remains range bound. All Elliott wave counts remain valid.
This week’s GDX analysis may indicate which Elliott wave count may be more likely for Gold.
Sideways movement over the last couple of weeks still mostly fits the main Elliott wave count for Gold. A short term alternate is still provided.