Loading ...Elliott Wave and the “E” wave…
Though not a staunch fan of EW; I have found, through experience, when “the count” is right–can work very well…
As always, the bear and bull battle exists and will continue in the game of trading. When sentiment is at extremes, as in the bull case now, I put my “feelers” up and search for the opposing opinion.
Impulse waves are stock price movements in the direction of the trend, and corrective waves are movements against the trend. Is this the first impulse wave in the start of a new BULL trend? or a corrective wave in a continuation of a BEAR trend? Short term GDX Daily has hit resistance…The pullback and reaction at potential support levels will reveal the answer…GDX must breach $23.35 (today’s resistance) to convince me of further upside…This is why I am a short term momentum trader–looking for setups one at a time…
#GDX Wave "e" can be quite deceiving… drags bulls (in this case) back in before the great slaughter. This was the exact price action needed to eliminate over-sold conditions and bearish sentiments. Look out below! pic.twitter.com/ZQcBrdpgoP
— Henrik Zeberg (@HenrikZeberg) December 28, 2017
Halted at the 50% fib with indicators in overbought territory–expecting pull back…
GDX longer term daily view and the importance of breaching $23.35
Thanks for posting.
My biggest issue with this count is that the white triangle constitutes the blue C wave.
Whereas triangles are customarily B waves or 4th waves. The NEXT TO LAST leg in a pattern sequence.
For a contrary view, see FibboSR’s tweet today on $. In line Graddhy’s $ perspective I believe. Ie, a dollar collapse is in the works.
Heading down in ABC of 5 to 2020-21 or so. Fueling the asset bubbles for a good while longer. (Bonds may dissent; TWT.)
Bucky declining hard would have lead to the remainder of the B wave in my high degree wave IV per my LT gold piece. Then a catastrophic $ squeeze into 2023 or thereabouts.
Thanks Eagle…always look both ways IMO
Goldtent has some great analysis …presently we seem to be unanimously bullish…hopefully we are all correct but it pays to at least be aware of the opposite.