I'm looking for a series of lower Lows in the coming days weeks and wave C continues lower. I would expect wave C hit just below 1,165 where wave C is 1.618 times longer than wave A and we could even see it lower towards the 1,012 - 1,045 area.
You can see my last post regarding gold from April 17 here: http://theelliottwavesufer.blogspot.dk/2013/04/elliott-wave-analysis-on-gold-crude-oil.html
Is already making new Lows and will like continue to 18.63 and possibly even towards 13.83 in wave C of Y.
The break below support at 21.34 has confirmed the long term corrective rally from 4.00 in November 2001. If we had counted this rally as impulsive we would now have an overlap between wave 1 and 4, which is not allowed under the Elliott Wave Principle. The former support near 26.00 will now act as strong resistance if tested.
Please see my post from April 25 here: http://theelliottwavesufer.blogspot.dk/2013/04/elliott-wave-analysis-on-silver.html
Thank you!
ReplyDeleteCJ
since the top at almost 50 USD is the end of wave C, shouldn't be the counting then be 1-2-3-4-5 as an impulse wave instead of W-X-Y (for the period after the C wave)?
ReplyDeleteThanks
Thomas
Hi Tom
DeleteI don't think an impulsive Count for this decline in silver would be appropriate. This decline will likely be som kind of X-wave, which should be followed by a new zig-zag rally higher which could take out the top at 49.79. I of cause don't know that for sure, but that is my guess, that something like that will happen, but only time will show.
Kind regards
EWS
Hi EWS,
ReplyDeleteWhat do you think the count is on SPWR?
Hi Todd,
DeleteI think, that we have likely seen the top of wave iii of 3 and the ongoing correction is wave iv of 3, which will target 20.51 and maybe 18.49 before wave v of 3 higher to 25.08.
Kind regards
EWS
Hi EWS,
ReplyDeleteCan you tell me why 20.51 and 18.49? What is the retracement you are using.
Hi Todd
ReplyDeleteIn wave 3 the normal retracements are 23.6% and 38.2%. If the move has been very strong, then expect 23.6%, but the most common retracement is 38.2%
23.6% here will be 20.51 and
38.2% will be at 18.49.
Kind regards
EWS
Great. Thx.
ReplyDeleteOn your May 21 blog on gold, you have highlighted the count as 1-2, 1-2 and 1-2-3-4. As there was no overlap on the last leg, can it not be counted as 1-2, 1-2-3-4 and 5 getting extended. May i know the logic of your counting.
ReplyDelete