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Elliott Wave Counts For Gold, Silver, and USDX


 -- Published: Thursday, 4 October 2018 | Print  | Disqus 

By Captain Ewave

GOLD: 

 

http://www.goldseek.com/news/2018/10-4ce/image001.png

 

Short Term Update:

 

Gold was higher in yesterday’s day session and we reached a nice high of 1212.30. In the overnight session we moved sideways and are currently at about the 1206.00 level.

 

We are working on the assumption that all of wave .ii. is complete at the 1167.10 low.

 

If that is the case then we have labeled our first impulsive sequence out of the wave ii low as wave $i$, which would have ended at the 1220.70.

 

We have also now satisfied all of the minimum requirements for a completed wave $ii$ at the 1192.70 low. Our retracement levels for wave $ii$ are:

 

50% = 1193.90;

61.8% = 1187.60.

 

We are also now working on the assumption that all of wave $ii$ is complete at the 1184.30 low, and that we have started wave $iii$ higher. We will only be able to confirm that all of wave $ii$ is complete when we break and close sharply above the wave $i$ high of 1220.70.

 

We will provide an updated projection for the end of wave $iii$ when we are sure that all of wave $ii$ is complete.

 

Assuming that wave .ii. ended at the 1167.10 low, our first projection for the end of wave .iii. is:

 

.iii. = 1.618.i. = 1447.20.

 

We do have higher projections. Of course, wave .iii. should subdivide into a 5 wave impulsive sequence in its journey higher.  

 

Trading Recommendation: Go long gold. Use puts as stops. Aggressive traders should consider adding to long positions here.

 

Active Positions: We are long, with puts as stops!

 

Silver: 

 

http://www.goldseek.com/news/2018/10-4ce/image002.png

 

Short Term Update:

 

Silver was higher early in yesterday’s day session as we reached a high 14.95. We lost some of those gains as the day progressed, but in the overnight session we stabilized and we are currently trading near the 14.75 level.

                                                                                                                    

We are now working on the assumption that all of wave ii is complete at the 13.96 low and that we started to rally in the initial phases of wave iii.

 

As you can see on the Daily Silver Chart we have also broken above our major red downtrend line, which is also suggesting higher prices ahead!

 

We will provide our initial projections for the end of wave iii in the next couple of days.  

 

We note that the “Commitment of Traders: Managed Money(Speculators)” report continues to be at a record short position in silver, which is an indication for us of much higher prices ahead. 

 

Trading Recommendation: Go long silver. Use a put as a stop. Aggressive traders should consider adding to long positions here.

 

Active Positions: We are long, with puts as stops!

 

US Dollar: 

 

http://www.goldseek.com/news/2018/10-4ce/image003.png

 

Short Term Update:

 

The USDX was lower in yesterday’s day session and that trend continued in the overnight session as we have reached a low of 94.90. We have recovered some of those losses to currently be trading at the 95.18 level.

 

The larger than expected rally in the USDX has eliminated our current short term count, as it appears that wave ^ii^ is still underway as an irregular type correction, as shown on the “Daily USDX Chart”. If that is the case, then we should now be heading back to at least the wave $a$ high of 95.68, in our current wave $c$ rally. Our retracement levels for all of wave ^ii^ are:

 

50% = 95.61;

61.8% = 95.87.                                            

 

We will provide updated projections for the end of wave ^iii^, when we are sure that all of wave ^ii^ is complete.   

 

Our first projection for the end of wave ^iii^ is:

 

^iii^=1.618^i^=91.59.

 

In the bigger picture, it looks like all of wave (ii) is complete at the 96.87 high and that we have started wave (iii) lower. Our first projections for its completion is:

 

(iii) = 1.618(i) = 71.52.

 

We expect that wave (iii) will develop into a multi-month impulsive sequence of which we are currently working on its initial stages.

 

Trading Recommendation: Stay short at 95.30, risking to 96.90.

 

Active Positions: We are short at 95.30, risking to 96.90.

Thank-you!

Captain Ewave & Crew!

Email: admin@captainewave.com

Website: www.captainewave.com

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 -- Published: Thursday, 4 October 2018 | E-Mail  | Print  | Source: GoldSeek.com

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