Strictly following rules to interpret the recent bounce confirmed that we might be in wave b of abc flat that should post new low this week. I think wave c will not exceed the recent high considering the pressure from moving averages on higher timeframes.
Here I run against the crowd and some other Elliott wave practitioners expecting further advance as part of...
I do not normally track DXY but decided that I have to in order to validate some of my gold and silver counts.
DXY is at the very strong level. The index has been bouncing around it the whole 2022 year. I illustrated potential developments with WXY one being a triangle in the shadow of W and another one - abc flat.
A completely separate scenario is the one in...
The price has finally left the triangle and I expect swift decline, however nothing major to write home about. I reckon we are still in a bigger triangle and after swift portion of decline we might get entangled in see saw movements.
Somewhat similar situation in XAUUSD as compared to XAGUSD . I am short therefore all of it can be just a wishfull thinking.
My rationale is that wave a (red) can not be interpreted as an impulse wave up, therefore we should be in the final stages of the correction.
This chart exists to support my analysis of Gold -
and Silver -
I use USDJPY as a proxy for DXY and because it is usually strongly correlated with Gold. The decline from recent highs is taking the shape of double...
I am reconsidering my Silver, Gold charts and looking at USDJPY for cues. See the updates of all of them now. Below I will post links to bigger timeframes and correlated tickers.
Silver is strong, however, I still think we are in final stages of completing the move up. It can still inflict quite some damage on shorts. See the next post for a lower timeframe.