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Elliott Wave Counts For Gold, S&P500 And GDX

November 15, 2016

Gold

Short-Term Update

Gold continued to fall in yesterday’s day session, reaching 1211.00. In the overnight session gold was a little higher, reaching 1231.30, at the time that this Post was being written.  

As you can see on the updated Daily and Weekly Gold Charts, it appears that wave -ii- is NOT complete at the 1243.20 and has now become more complex in a double 3 wave corrective pattern.

Our first 3 wave pattern ran from 1377.50 to 1243.20, which then followed by a brief spike higher in wave .x. that ended at the 1338.30 high. We are now falling in our second wave .a., which will be followed by a wave .b. rally.

The final leg of this double 3 wave correction will be a second wave .c. that is probably going to retrace into our 50 to 61.8% retracement zone which is:

50% = 1211.50;

61.8% = 1172.30.

We are now waiting for the end of our second wave .a., which we think is almost complete at Friday’s low of 1211.00. We have now also reached our 50% retracement level for all of wave -ii-,but the second 3 wave pattern is incomplete, so we doubt the 1211.00 low is the end of wave -ii-.

However, it might be the end of our second wave .a..

We have support at the 1210.50 level. so we are not surprised to see our second wave ^a^ drop to that level before our second wave ^b^ rally begins.

Longer-Term Update

Gold has still NOT completed its wave -ii- correction  as it appears that this pattern is becoming a more complex a 3 wave double correction.  

Active Trading Positions: Long 30 positions, with puts at 1250.00!

S&P500

Short-Term Update

The S&P did not do very much in yesterday’s day session, and in the overnight session the S&P Futures are up about 5 points, at the time that this Post was being written.

Our current short term count from the 2186.96 high looks to have been eliminated, but as you can see on the attached 120 Min S&P chart there is still one more valid count that supports all of wave B ending at the 2186.96 high. This count would look like:

.i. = 2119.12;

.ii.:

*a* = 2179.99;

*b* = 2083.79;

*c* = 2182.30, if complete to complete all of wave .ii.

.iii. drop is next, when wave .ii. ends.

In this count we cannot trade above the 2186.96 high. A break above that high would send the S&P a lot higher.

We suggest our readers watch for a shorting opportunity, via an Intraday Post!                                                                                              

Long-Term Update 

Uncertain.

Active Trading Positions: Flat!

GDX

Short-Term Update

The GDX was lower in yesterday’s day session, reaching 20.13.

We are now waiting for the end of our second wave a.

As you can see on the updated Daily GDX Chart it appears that wave 2 is becoming more complex in a double 3 wave pattern.

Our updated count for wave 2 is:

a = 25.17;

b = 28.56;

c = 22.50;

x = 25.93;

a = 20.13, if complete;

b rally is next after wave a ends!

Our retracement levels for end of all of wave 2 are:

50% = 22.10;

61.8% = 19.81.

Long Term Update:

We now believe that all of wave 1 ended at 31.79 and that wave 2 has now becoming more complex.

Active Trading Positions: We are long the GDX, ABX, KGC, NEM, CRJ, and TSX:XGD with no stops!

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Free Trades Offer For Gold-Eagle Readers:  Send me an email to [email protected] and I’ll send you my next couple short term ewave trades for free!

Email: [email protected]

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The King James Bible mentions gold 417 times. Not once does it mention a paper currency.
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