Loading ...Update on Indices, PMs, Energy (EW)
Working off my system, but using EW to describe what I’m seeing.
Indices appear to have made a smaller wave 4 low in late Aug.
Now in 5th wave up (within wave III impulse from 2010-11).
Probably close to completing 3rd subwave within that 5.
Rate hike in Dec (after shopping is done) should start us on large IV.
Crude impulsed off the lows in Aug.
Spent Sept/Oct in sideways B. LIKELY now starting C up.
If so …. watch out energy shorts.
PMs delivered on the higher highs I’d been calling for.
But the swift retrace is leaving the larger pattern less than clear.
I have JDST on (provisional) IT buy, but not DUST …. no sells on metals …
Could be the post FOMC drop ended a complex corrective 4, and 5 up for GDX etc remains, from here.
Do you a chart with wave counts for Gold? If you do please like to see. Then it will get clear to me which waves are in action.
Thanks.
I don’t do micro EW counts myself.
But I see the work of others who do them.
Re GDX, off the late July lows, I’m tracking an ABC corrective.
B made a new low.
C up is missing a 5th wave, unless it truncated at the FOMC announcement.