A strong bounce at the end of the week creates a candlestick pattern on the daily chart that has support from volume. The short-term expectation is adjusted, but the mid and long-term Elliott wave targets remain the same as does the channel on the daily chart.
A bounce was expected to end at resistance yesterday, and thereafter downwards movement was expected. Members were advised to enter short. A strong downwards day should see members with profits.
The flag pattern may continue, and the target calculated remains the same. Price remains below the invalidation point on the daily Elliott wave chart.
Price has again moved sideways, which overall fits the expectations for the Elliott wave count.
Two targets are provided: one using Elliott wave and the other a classic analysis target using the last gap.
Sideways movement for this week has continued exactly as expected from the Elliott wave count and classic technical analysis. The short-term structure is analysed this week to determine if the correction may be complete or not.
For the short term, a small pullback was expected to begin the new trading week. A red daily candlestick represents overall downwards movement for Monday’s session.
Upwards movement has continued at the end of the week as expected.
Another consolidation was expected to have begun. A small range inside day fits this expectation.
Downwards movement was expected as imminent, which is what has happened for Friday.
Downwards movement today fits expectations for GDX and for one of the Elliott wave counts for Gold.
A signal is given today from On Balance Volume that supports the main Elliott wave count for Gold.
A target is given for GDX.