Loading ...GOLD ew Update
My count is still on track. I was expecting a double zig-zag and even if it’s still possible to have another leg down,
it looks like 1330-32 is a strong resistance for the bears. A weekly close above 1350 will be very bullish.
Cautious IF we go below 1286 (61.8%) and Invalidation of this count at 1237 …
Sorry but I just have 2D charts :).
Note: second chart based on Rambus last weekly chart of gold
Project, Monitor, Adjust
UPDATE: My count for DXY. Probably in Minute wave [IV] of Minor 3. Let’ s see it it reverse at 90.0-90.50
Thanks Gabe. That bottom chart looks like a bullish resolution is likely to me.
I’ve been looking at this H&S bottom patterns posted here and elsewhere. Looks pretty powerful. But in the interests of symmetry, we need to break the pattern with a drop to around 1245, to match the left side shoulder, before breaking out to the upside. Resistance at the neckline along with other indicators seems to point in this direction. There is also the possibility that the pattern is TOO perfect, and its going to breakdown altogether, with new lows for gold.
Still possible to go lower Avocado but if you look at the dollar weakness, I think we have good chance that this plays out.
Gabe – what’s your EW count for the USD?
Oops – coffee hadn’t kicked in yet. Thanks.
Thanks Gabe, enjoy your work. Are all the PM charts in sync in your opinion?
Thanks Schism. It looks like GDX and GDXJ have the same count.
The pullback is probably an Expanded Flat for GDX and also for GDXJ.
Probably have to wait to see the bottom or will play catch up with gold …
Here is a chart of GDX : https://s14.postimg.org/m8fosc8gh/GDX-020618.png
Thanks for the response Gabe. Looks set