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Thursday, February 11, 2016

Elliott Wave Update 11 February 2016

Lets review what we have so far. The market has dropped in a 5 wave pattern from peak to mark the end of Minor wave 1 in September. It then rallied in a 3 wave pattern to form Minor wave 2.  After that peak, it dropped to lower lows again in a 5 wave pattern to today's low.  Today may mark the price low of Minute wave [i] of Minor 3 down.

Therefore the wave count allows for a very aggressive rally from here to form Minute [ii]. It does not have to happen, but it would be ideal if it did.
A more detailed look at Minute [i] of Minor 3 down. Note that wave (v) of [i] has a bit of overlap in waves i and iv. That could portend a very sharp rally.
Weekly:
Global Dow is pretty much the same count.
I mentioned the other day that it appeared the ending diagonal triangle in gold had ended and therefore expect a sharp price rise to the upside. Looks like that's what we are getting.
Long term count shows the potential of a significant gold rally from here.

Wednesday, February 10, 2016

Tuesday, February 9, 2016

Elliott Wave Update 9 February 2016

Updating our charts. most of today looked like corrective sideways waves back and forth.  That fits nicely into our primary count of a wave (iv) of [i] of 3 down.
10 day MA has not reached panic yet.

Monday, February 8, 2016

Elliott Wave Update 8 February 2016

Lots of options created today with the wave count. The best count would have a lower low occurring (beneath 1812 SPX) to finish wave [i] of 3 lower.
 
Gold's count. Primary is that wave [A] is over. If the ending diagonal count is correct, expect Gold to zoom over $1300 in fairly quick time.




Friday, February 5, 2016

Elliott Wave Update 5 February 2016

If this support shelf breaks, prices are likely to make a lower low.


Thursday, February 4, 2016

Elliott Wave Update 4 February 2016

There is room for (iv) to go higher if it requires.

Tuesday, February 2, 2016

Elliott Wave Update 2 February 2016

Resistance encountered at the neckline.
Note the form of the wave structure from pink (iii) to pink (iv) which best counts as an a-b-c countertrend move.