DJI looks to have completed wave 1 and is now in wave C of a FLAT correction which may terminate at the 0.618fib retrace (very soon) OR if further strength left at the 0.786 fib. Two of the Three open gaps have been filled. Good Luck
You from your keen,and excellent Elliot Wave Analysis identifying key turning points in the market
and me from my painstaking kept multitude of proprietary charts at different time intervals that I keep.
THE_UNWIND
Geofftv1
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@The_Unwind, Great, there is another gap to fill at 23450 and DOW may try to claw back to this level before starting wave 3 down. I am also small long GOLD
but must admit the EW structure in GOLD baffles me! I will take another hard look at this again.
PS - Where in the US are you located?
Gold is baffling me as well.
Dec Gold futures are consolidating, in a downtrend
The gold chart looks bearish to me,
yet based on volume it looks as if the commercials are in control of the market at 1260.
And since you asked..I am in the mountains of NY, hidden away in the woods. You'd never find me. :)
THE_UNWIND
Geofftv1
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@The_Unwind, Your location sounds idyllic and I bet the wildlife is plentiful. Myself I am next to the sea as I like fishing and sailing.
My logic in gold is that if stocks decline then GOLD may be a parking place for the funds?
On face value, you might think that a drop in stocks, would equate to an up move in Gold.
But I am of the opinion that there are STILL DEFLATIONARY WINDS BLOWING
Gold's value may be buffeted by a continuing rising stock market over time, and steady interest rates,
neither a sure thing.
I think Gold's intrinsic value right now is 1200, which I admit is a very long way away.
But, I am content to wait. I am neutral on Gold at this point.
Parking money short term is my issue. I am just keeping it safe in Cash, at the moment.
THE_UNWIND
Geofftv1
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@The_Unwind, I looked at GOLD again and may have figured out the current EW structure, see chart below. If correct GOLD will rise past the current resistance level of 1288
Good observation on the gold chart. Potential Inverse Head and Shoulders Reversal pattern at play
which could project Gold some $20-25 higher to 1310-1315.
Yet I also see a potential Triple Top in Gold. How do the daily RSI Readings compare with each recent top ?
Short Term Weekly Dow Sell Signal on the Close Today 11/17 Closing at 23358.24 Closing Below Low Daily Close of 23422,21 of WE/11/10
My charts foreshadow a possible very Important test of Support next week at Dow 23300.
Have a Good Weekend.
THE_UNWIND