SP 500 is setup for more downside, between 25 -40% once Wave B is finished. Downside target between 1700 - 1400.
Gold B wave almost finished. C wave collapse next Hyperinflation will have to wait a few months yet.
The volatility in gold has been quite challenging the last few weeks. Gold appears to be in the final throes of intermediate wave B which would account for the massive volatility. Wave C down is next and should take gold below 1000 if Wave A = Wave C. A minor new high is possible but a collapse is ahead.
Btc recently broke a long standing trend line and is currently retesting the same. current rally possible wave 2 retrace, wave 3 collapse next min 70%. Bitcoin not a safe haven, lower prices ahead.
In my last gold update i mentioned that it was strange that gold was sporting a diaganol off a trend high, now we have a abc looking rally from that diaganol which means gold could be in a wave 2 high and wave 3 collapse is next. Gold has to clear 1600 to negate this setup or it will collapse to below 1350.
Gold is sporting a ending diaganol pattern which suggests a rally to new highs for the year and possibly to new all time high. and beyond. An ending diaganol at this point so close to the trend high is very strange and seems to suggest that we may be in the early stages of Hyperinflation! $2000 to all Americans......hmmm .... Isn't it funny how charts setup the news!
If gold is tracing out a leading diagonal, then there is downside risk to 1340 to touch the top of wave 1 as that is one of the main features of this pattern.
Is there an objective way to label Elliott waves, putting aside personal emotion ? The following is my answer. Lets start with the basics, elliott wave is really a series of impulse waves followed by corrective waves. Assumption A Impulse waves are faster than corrective waves, i.e cover more price territory in less time than corrective waves. So if price...
Current vix setup is a rehash of previous times and is in line with my count on the spx that i posted a few days ago. We may be days away from another market dive or a vix spike.
The recent rally does not appear to be a wave 3 type thrust. Wave b triangle forming which means wave c down is still in the future, probably before end of the year.
Silver is sporting a very solid bullish structure and should just takeoff like a scalded cat ! A ABC consolidation followed by a impulse and then another abc consolidation, so we are essentially looking at a powerful wave 3 advance that can begin at anytime. Minimum target is $22 and can be achieved very quickly, possibly within 30 trading days.
Although it took a bit longer than i expected, bitcoin's C wave down has started. It should bounce around here for a few days below $8600 in wave 2. The next event in bitcoin will be a collapse to the 5000 area and then a Wave 2 retrace, rinse repeat until all the weak hands are washed out. Crypto winter is here.
"october is crash month" "we're in a recession" "head for the hills" "load up on puts" - put call ratio above 1.2!! In the midst of all this cacophony, sp500 is sporting a classic ABC pattern which points to more upside in the months ahead and possibly all the way into the 2020 election. Dow 40,000 ?? by nov 2020 ?? Hard to believe but that's what Elliott wave...
Silver is tracing out a classic ABC consolidation pattern which points to a resumption of the uptrend in the days/weeks ahead. Equal legs target the $24 area in next few months.
Silver should rally in the last z wave to the $20 area to complete the wxyxz structure. Once retest/higher high is finished expect a violent reversal to $16+-
wxyxz rallies lead to violent reversals that can retrace upto 90% of the rally or more. Silver could easily see mid to low 15's again.
A B C rally in gold looks just about done, it will correct/consolidate for the next few weeks.