Loading ...GOLD and GDX
From an EW perspective, it looks to me that GDX and GOLD are now going up for the rest of the year .
We can have an upleg for wave C in both case (many people are assuming an A-B-C correction).
Personnaly I am in the other camp for a Primary 3 . We’ll see …
I am having problem for the last wave (minor) b in gold … (probably happen after the Italian referendum).
Update:
There’s more “work” to be done to get the technical picture in order but I do not consider this move in the miners to be just a “bounce.”
GDXJ is up 35% in three weeks and is exhibiting plenty of strength. Of course it can pull back several dollars, and probably will very soon since it is now at a zone of resistance, but I believe that the next intermediate term advance has started.
1183 is a Fibonacci resistance point. If Gold can close and run past it then we have a confirmed uptrend to as high as 1220 area for this rally before a larger pullback.
Sure looks as though the correction is over. Once we’ve breached and successfully back-tested those downtrend lines I’ll be much happier. Slowly deploying funds back into the sector…
Thanks for the reply North
Followed your charts for a while Gabe. Have been spot on more or less through out this downturn. Very much appreciate the effort you have gone to! Thanks once again and look forward to your next post!
Thanks Wazcam. I have to admit that November 8th caught me off guard …
No one is perfect! we all have winners and losers…sad reality.
Just a question here but one a few reading might have and especially for those who have not yet entered a position waiting for a pullback…will this rally go straight up or do you expect a pullback relatively soon.
I see a pullback quite soon maybe near the 1200 area in Gold. Waiting for a strong move in Silver…lagging a bit.
A question I have though is this is main wave 3 (correct- not just a C to you)…but is just the initial wave in a new bull…will there be 5 up waves each with 5 subwaves?
1183 is a Fibonacci resistance point. If Gold can close and run past it then we have a confirmed uptrend to as high as 1220 area for this rally before a larger pullback.
Finally it is too soon to say if this is the initial wave in a new bull market …
Agreed way too early to declare it a Bull market just yet…will need to take out the august highs for me. BUT if it were a new Bull and this was a 3rd wave impulse would you expect it to be made up of 5 subwaves then? How deep would you expect the pullback from 1220…im thinking back to perhaps the fib level to retest it from above.
You have to look at different degrees but effectively you’ll have subwaves. Personnaly, I don’t like to look above Intermediate degree.
Here is an example: https://s30.postimg.org/8v2cpibc1/WAVES.jpg
If we reach 1220, we can expect a normal pullback to 1158-70 (50%-61.8%).
Excellent work Gabe. Elliot wave has always confused me the basics are simple enough just naming each wave is tough! Credit to you and the rest that can…look forward to the next post as ever!