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Ran my Elliott Wave Software program today and here are the results –
Gold
XAU
Just for fun I am including a chart that shows a contracting triangle formation in gold. The software has a hard time evaluating the rating on contracting triangles as it tends to give them outrageously high scores, but, I guess it is possible, so I am including it just because.
In any case, all the charts – both gold and miners – show a significant rebound before another impulsive decline starts again. Good luck everyone.
Many thanks KenS for the post. However, I am thoroughly confused. One daily chart is bearish. One daily chart is bullish. Am I misreading this or is this the computer’s predictions???
Everything is pointing to a significant rebound. The longer time frames take longer to register a turn is all. That’s why I included the short time frames – to show that we have a significant bottom in place. Hope that helps.
I also got confused until I saw the x-axis of the first 2 charts. First chart is a long term, bearish chart, whereas the second chart is a short term, bullish chart.
Are you counting “a-b-c” with dz,w,etc.? dz to w is a, w to x is b, and the final leg down has just started? Furthermore, the recent c was lower than a. Is that count still valid?
Yes, and yes. C waves are permitted to finish slightly lower than A waves. It shows that it is a weak counter-trend rally.
Thank you, KenS. I hope we clear the 1400 line…long way to go!
Preferred targets range from about $1300 to $1400, but not above that. 🙁
So KenS…..if we rule out 0(Zero) that leaves targets at $400 $750 $900 or $1100
Right ?
Ummm.. Yeah, I guess… My initial target is usually the left most tip of the inner box. Seems like it usually ends up somewhere near there – so I guess it is saying somewhere around $750.
Is there another way of interpreting the data ? Are the short term charts detecting something that longer term charts haven’t picked up on yet ?
Yes Northstar – exactly. The short term charts are showing a significant rebound is due probably running GLD up to ~124 and Gold up to ~$1300. $XAU should run up to about 80, which equates to about 21.5 on GDX. Then the long term charts are saying the decline begins again taking Gold down to around $750 and XAU down to… well, really low (it can’t come up with a preferred target because it uses linear calcs instead of logarithmic). Bottom line – a healthy rebound then another devastating leg down.
Please remember though that this software is far from infallible. If it were really that good I would be a zillionaire – and I am still working for a living…
EW is above my pay grade. Nice work if it makes you money Ken. 🙂