Captain Ewave
Captain Ewave Articles
Gold rallied to 1194.80, in the overnight session, at the time that this Post was being written. As we said in yesterday's End of Day Post we now appear to have a three wave rally in place from 1181.10 to 1204.60, which suggests that gold...
Gold was sharply lower in the overnight session, reaching a low of 1193.60, at the time that this Post was being written. This drop eliminates all of our current options from further consideration, and opens up new ones.
After reaching a high of 1231.90 in yesterday’s session gold has traded sideways. The overnight low was 1216.90. The two options that we are following are:
We can now likely conclude that wave *ii* of .c. in gold has ended at 1178.20, a 20 tick failure on our charts, meaning we were targeting 1178, and gold went 20 cents shy of that.
We have made no change to our longer term view that wave a of our wave 4 triangle ended at $1130.40 -- and that we are now rallying in our first (a), (b), (c) pattern of wave b. Wave (a) still ended at $1307.80, and within our wave (b)...
Gold cooled off in the overnight session, which should not be a surprise after the sharp rally we saw yesterday! If this rally is now wave -iii- then gold’s raly should dramatically accelerate sharply over the next couple of weeks. Once we...
Gold Price: We want to draw your attention to the possibility that the wave .b. triangle is expanding -- and therefore it did not end at the 1208.70 high. In this case, all of wave -ii- would look like (wave -i- ended at 1224.30):
Gold traded to a high of 1191.00 in today’s day session, which is above last Friday’s high. On the Intraday Chart the trading from Friday’s high of 1187.20 does not look impulsive which keeps all of our current options open.
If our thinking is correct, then gold should rally, but it will be messy. So how could this bullish scenario go bust? Well, we must stay above the wave 1 high of 1033.90, and we likely need to stay above the 1130.40 low also.
We are searching for the end of wave ^ii^. As we mentioned in our Morning Post, as long as gold does not drop below the wave .ii. low of 1141.70, our current count remains valid, so we are sticking with it.
