Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Monday, January 17, 2022 11:16:14 AM
By: Avi Gilburt | January 13, 2022
• Following the Elliott Wave analysis:
The metals have meandered into our pivots and have backed away each time. Right now, it looks like they are trying to build the structure to give it one more try to break out.
Silver is now butting its head against its immediate pivot, which was created by the new 1=2 structure. Again, I am not terribly confident of this bullish set up since the wave 1 is really best counted as a 3-wave rally. So, clearly, if we break out over the pivot, and then break back below it, it will be a strong signal that we are likely heading down to a low below that one struck in mid-December.
I am not going to repeat the issues I have with GDX, as I already outlined them in the weekend update. But, so far, it looks like it is trying to set up its next 1-2 structure as well. So, if we do see a clear corrective pullback in wave 2, and then rally over wave 1, you can attempt a long trade. But, I am going to reiterate that I am not nearly as confident in this potential due to the “issues” outlined before.
GLD seems to have the cleanest chart of the 3 right now. As far as its micro structure, I posted this earlier today:
“As long as the market respects the micro pivot now placed on the GLD chart, I am viewing this as wave (i) of iii in GLD. So, that means as long as we respect the pivot, I expect one more pullback. Taking out this pivot will then make the bottom of the pivot support, and holding over that support keeps pressure up towards wave (iii)”
While we have the set up in place, I will probably say this is the last set up I am giving the metals to break out and hold the break out. A failure to do so at this point in time will suggest that a lower low is likely going to be seen before the next bullish set up takes place.
GDX60min
GLD60min
silver144min
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GLD News
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/09/2024 10:10:25 AM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 08/20/2024 07:21:15 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 08/20/2024 07:20:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 06:55:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 06:46:50 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 06:11:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM