Prices have rallied back to the bottom of the (b) wave triangle/pennant and are getting ready to trade down to complete the Zig – Zag Correction started from the August 2016 highs.
The factors supporting this are a full Elliott Wave count (a, b, c). There is a Long, Angry Enveloping Dark Cloud Red Candle at the recent top. Price is also still trading below the 200 day moving average, thus the trend is still down. If you’ve traded this rally from the September bottom, now would be a good time to take profits.
The blue c wave down should consist of five waves with a target around $10 established by the prior (a) wave. Though I listed this as a Short Idea, I don’t recommend anybody actually short this. The Fundamentals are such on the Gold Miners that they are a screaming steal, and anybody in their right mind should be accumulating them to hold for a long term rally potentially of tremendous size…
The factors supporting this are a full Elliott Wave count (a, b, c). There is a Long, Angry Enveloping Dark Cloud Red Candle at the recent top. Price is also still trading below the 200 day moving average, thus the trend is still down. If you’ve traded this rally from the September bottom, now would be a good time to take profits.
The blue c wave down should consist of five waves with a target around $10 established by the prior (a) wave. Though I listed this as a Short Idea, I don’t recommend anybody actually short this. The Fundamentals are such on the Gold Miners that they are a screaming steal, and anybody in their right mind should be accumulating them to hold for a long term rally potentially of tremendous size…
