Elliott Wave Counts For Gold, S&P500 And GDX

Gold

Short-Term Update

Gold was higher in yesterday’s day session, reaching a high of 1237.50. In the overnight session we seem to be undergoing a small correction with the current low of that correction being 1229.50, at the time that this Post was being written.

We expect higher prices this week as wave *iii* continues to move higher, with a run to the 1243 resistance area being an easy target.

We are now moving sharply higher in wave *iii*, as the next big event in this market.

Our current count for all of wave -iii- is:

.i.:

*i* = 1218.90;

*ii* = 1179.50;

*iii* is now underway with the following projections:

*iii* = 1.618*i* = 1332.80;

*iii* = 2.618*i* = 1427.40

Longer-Term Update

Gold looks to have completed its wave -ii- correction, at the 1124.30 low, and we are now rallying in the early stages of wave -iii-. We have updated the Weekly Gold Chart showing our projections for the end of wave -iii-.  

Our first and second projections for the end of wave -iii- is :

-iii-=1.618-i-=1661.80;

-iii-=2.618-i-=1993.70.

Active Trading Positions: Long 30 positions, with puts at 1250!

S&P500

Short-Term Update 

The S&P was down marginally 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.

It looks like our 3 day island reversal was a false signal of a major top and we will be making another new all-time high, before all of wave -iii-ends.   

The final top is still likely to occur very soon!

Long-Term Update

Wave (v) has become a diagonal triangle. We could now be complete all of wave .c. of -iii- at the 2300.99 high. Upon completion of wave -iii-, we expect a wave -iv- drop followed by a wave -v- rally.

Active Trading Positions: Short with 2280 calls as stops!

GDX

Short-Term Update

The GDX was higher yesterday, as expected with the rally in gold. We still project further gains, with a run to the 25.93 resistance level appearing likely. We expect that our wave (iii) rally should continue higher this next week.

Our current count for all of wave 3 is:

i:

(i) = 24.25;

(ii) = 22.87;

(iii) rally is now underway with the following projections:

(iii) = 1.618(i) = 32.05;

(iii) = 2.618(i) = 37.71.

Long-Term Update

In the GDX, we now believe that all of wave 1 ended at 31.79 and that wave 2 at the 18.68 low also.  A sharp wave 3 rally is now underway.

The wave 3 rally in the GDX will likely follow the same graphically picture that we have shown on the Daily Gold Chart. Our first and second projection for end of wave 3 is:

3=1.618(1)=49.95;

3=2.618(1)=68.98

As with gold and silver this wave 3 impulsive sequence should consist of 5 subdivisions. 

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

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Thank-you!

Captain Ewave & Crew!

Email: [email protected]

Website: www.captainewave.com

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