Captain Ewave
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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.
We should now be in a very powerful wave ^iii^ rally that has the possibility of gold running to above the $1400 level. We are very encouraged by the wave structure shown on the attached 30 Min intraday chart. As you can see, this market...
We are encouraged with the rally in gold from 1190.70 to 1209.90, as it looks like a five wave impulsive affair to us! The ensuing drop looks corrective, and complete at 1198.40!! The usual retracements for the correction are:
Gold hit the minimum target of 1216.60 that we set in yesterday’s subscriber update at almost the exact high of $1236.40
We might be seeing the first signs of the start of an impulsive move higher in gold.
Gold was down in the overnight session, hitting a low of 1272.50, at the time that this post started being written. We are likely just correcting the rally from 1252.60 to 1285.30. We expected gold to recover to the $1275 area today, and...
I’ve mentioned my background as a professional engineer in the energy business. I enjoy the mathematics of Elliott Wave Theory (EWT). Studying the wave is not a chore. It’s a joy, especially when EWT suggests something big and bullish...
With my background as a highly regarded professional engineer in the energy business, I enjoy the mathematics of Elliott Wave Theory (EWT). As the highest scoring student at one of the original Elliott Wave courses put on by Robert...
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Gold is perfect for use in coins and jewelry as it does not react with air or water like many other metals.
