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Well I am not trying to spoil it here but quote ‘Gold is in deep trouble and on a brink of a failed IC’ ..Which means we are in a failed second DC.
I don’t see a trend line break yet that would confirm a second daily cycle.
Why would the dollar tank, the daily and weekly charts don’t confirm that by any stretch of the imagination.
Week 15 should be too early for a final ICL. The dollar should still have one more daily cycle down into a final ICL complete with the traditional blood bath phase.
Can’t knock Elliott when it’s working – the big drop that started today is the 5th wave down of the recent drop and will take us to a new low. The significance is that the biggest rise will occur after that, giving us a chance to exit/re-enter bearish positions. After that we will have a 3rd wave down that is bigger than the wave 1 we are in now.
Frank, what market are you referencing in regard to Elliot wave;, Gold, Stock market, the US $ ?
You are suggesting a wave 2 up in gold? Where are you starting wave 1 from?
Everything I say is S&P 500. Who would dream that market form is fixed regardless of news, etc? I was saying we are starting the last wave, wave 5, of the 188.8.131.52.5 set down from the July top. At one degree higher, this 1,2,3,4,5 set is wave I. At that degree we will have a wave II up in the October-November area, followed by the notoriously bigger wave III down, maybe in the new year.
Given the fact that I feel like throwing the towel in… must mean we are getting closer to a bigger bottom.
I have multiple friends that felt that same way last year, two years ago, and 3 years ago. They will probably feel that way next year and the year after.
The markets are a pinball machine and the traders accounts are the pinballs 🙂
Yes; and the Fed and government PPT make sure the pin ball machine pitch is reversed by lifting the front legs up and holding it up once in a while.
Interesting days ahead!!!
It seems that no one here is understanding that there is a confluence if synergies with the US markets, energy and metals. ALL are pointing south at the moment!
My money’s on gold $1025 as of last Thursday.
My money’s on Crude $33 as of last Thursday
My money’s on S&P 1772.
David Im with You except for Gold $1020, crude initial target $35, and SPX 1780 then as low as 1600.
Gold proved during the recent stocks fall snd on last Monday with the minus -1180 point drop day in the Dow that it is not responding positively to a falling stock market anymore.
Gold and oil will at best stay flat, or fall in tandem with falling stocks.
Yep, logically, everything is set to plunge together. We probably chop around in the rigged US markets though, but I’m still holding some SQQQ. Sold half my JDST today, this imminent gold breakdown seems somewhat too good to be true.
Dan, $1100 is what is keeping it from falling down further. Once it breaks $1100 we are in for a fall.
On stocks 16,000 on the Dow plays same role as $1100 level in gold.
The Fed and government PPT must understand that the best way to stop a correction is to let it happen.
Gold bear, it’s the final countdown!
Everyone is convinced we are going to get a rate hike which would support the dollar. Longs are positioned for a run to the DXY 120 area. You pull the rug out of the dollar and you have a perfect excuse for QE4
The dollar will anticipate QE4. That may be what started when it made a lower low below the May low.
time for dollar to die
Dollar looking very good technically speaking.
After it stretched too far away from SMA200(close to 25%), it reverted back to SMA 200, and it’s now poised to continue climbing.
I just don’t see any reason for dollar to fall…
As a matter of fact i see reversed H&S with target of 100 waiting to be confirmed with dollar passing 96.5 mark..
When the dollar dropped below the May low it started a pattern of lower intermediate lows. That is not a good sign.
DXY looks to me like it is headed to the 82-84 level. That would have to happen in order to kick start a commodity rally.
Should, could, would. Metals and miners are dead. When the Fed raises rates next week or in December, these debt heavy miners will get destroyed.
So let me get this strait, your analogy is rates go up metals and miners go down, yet rates have been ZIRP for 7 years and both miners and metals have been down ever since…
There are no reasons to own the metals and miners. I suppose some miners with good financials might be a long term value holding. But I see more of the same the next 2 to 3 years. Nothing ridiculous about it. Another 50% haircut from here is not out of the question by any means.
they will be destroyed only because you americains are or idiot or corrupted.
Again today, as it has been the case for a while now, stocks, gold, and oil all moving in the same direction up.
One would expect them to move down together too if stocks bottom were to drop once again for a 2nd leg down.
Chop chop chop. PPT criminals to the rescue once again.
Gary dollar just dropped a $1 on DXY but gold is not moving higher. Any thoughts on this divergence?
Into another stock meltdown…. won’t GDXJ and GDX get sold like last time into the panic? All risk assets correlated right now.
Bradem, I tend to agree with you, yesterday gold and oil moved down with falling stocks. Today gold and oil moved higher with rising stocks.
From time to time the commodities move with or against stocks. But we seem to be in a phase now where they are all moving in tandem, it seems.