You are here: Home » Archives for mining stocks

Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com

 Gold, Miners  Comments Off on Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com
Sep 112015
 

Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com.  Click on the charts to enlarge.

GDX moved to slight new lows today, but the larger picture is unchanged.  A large 18-month cycle trough is imminent in gold miners, and Gold and Silver appear to have already shown five small-degree waves up followed by partial retracements in the form of ABC zigzags.

Here are the updated GDX weekly, daily, and 240-minute charts:

GDX weekly 9-11-15

GDX daily 9-11-15

GDX 240m 9-11-15

As for Gold, here’s my main longer term count, shown on the XK futures contract.  The most important aspect of this chart is the interpretation of downward movement since September 2011 as corrective.

Gold weekly 9-11-14

Alternatively, those who prefer to count the downward movement in Gold since 2011 as a 5-wave impulse are generally counting Gold as follows, this time on a chart of GLD.

GLD weekly 9-11-15

Please note that I do not agree with the above interpretation over the longer term.  The most important take-away is that BOTH counts expect Gold to move to the upside next, likely back to the January 2015 highs at a minimum.  If Gold goes up, so will the miners.

Finally, here are both the main and alternate counts on the Daily, 240-minute, and 90-minute charts of Gold XK futures.  Notice the 5-waves up from the July low followed by a corrective ABC partial retracement on the 240-minute and 90-minute charts.

Gold daily 9-11-15

Gold 240m 9-11-15

Gold 90m 9-11-15

Please join me for my Weekly “Counts” Webinar, where I go over all of my Elliott Wave counts and associated Fibonacci price targets for many of the world’s major stocks markets, commodities, currencies, and bonds.  Hurst cycle analysis is considered on almost all items.  A link to the recording of the webinar is emailed to all “Counts” webinar subscribers immediately afterwards, whether they were able to attend “live” or not.  Alternatively, my EWP ScreenShots service shows multi-timeframe analysis of the SPX, DAX, Gold, Oil, TLT, US$ (DX), & EUR/USD currency pair twice each week.  All “Counts” webinar subscribers receive EWP ScreenShots as a free bonus.  Many traders and investors have found my analysis quite profitable over the years.

Sid Norris
http://elliottwavepre.wpengine.com

Updated Elliott Wave Analysis of ASA by Sid from ElliottWavePredictions.com

 Gold, Individual Stocks, Miners, Silver  Comments Off on Updated Elliott Wave Analysis of ASA by Sid from ElliottWavePredictions.com
Jul 162015
 

Updated Elliott Wave Analysis of ASA by Sid from ElliottWavePredictions.com.  Click on the charts to enlarge.

Back on July 2nd, I posted a workup on ASA Gold and Precious Metals Limited.  Since then, ASA has continued lower, and yesterday reached a significant Fibonacci target of $8.94, where wave 5 blue equaled the net traveled by waves 1 through 3 blue times .618.  This is the most common Fibonacci target for the length of a 5th wave, so has ASA put in its low?  Here’s a new Elliott Wave interpretation of the wave structure since the January 2015 highs, suggesting that ASA is finishing its downward pattern this week.

ASA daily 7-16-15

The new developments in my main Elliott wave count and Hurst cycle analysis are:

1)  I’ve found a way to count five waves down from the January 2015 high in the form of an expanding ending diagonal.  Wave fives of expanding diagonals are quite aggressive, but constitute the final wave of the pattern.  Beware that fifth waves of expanding diagonals can keep going a lot further than logic would dictate, but with COT sentiment on Gold at near record levels of bearishness, we should see a bottom any day.  Also note that wave 5 of expanding diagonals must be longer than wave 3 was, and that condition was met at $9.25.

2)  Sentient Trader software is now placing a large 4.5-year cycle trough market at the December 2014 low, and not the June 2013 low.  This generally means that ASA should move higher, even if the movement is corrective, over the next several quarters at least.  This change also altered the placement of the smaller cycle troughs after December 2014.  An 80-day cycle trough is due essentially now (July 7 thru July 16), which should be followed by upward movement into the coming 80-day cycle crest, due in mid-August.  I think that upward movement into August will be wave 1 of the new upward trend.

As goes ASA, so goes Gold, Silver, precious metals, and the mining sector, although ASA usually leads.

Please join me for my Weekly “Counts” Webinar, where I go over all of my Elliott Wave counts and associated Fibonacci price targets for many of the world’s major stocks markets, commodities, currencies, and bonds.  Hurst cycle analysis is considered on almost all items.  A link to the recording of the webinar is emailed to all “Counts” webinar subscribers immediately afterwards, whether they were able to attend “live” or not.  Alternatively, my EWP ScreenShots service shows multi-timeframe analysis of the SPX, DAX, Gold, Oil, TLT, US$ (DX), & EUR/USD currency pair twice each week.  All “Counts” webinar subscribers receive EWP ScreenShots as a free bonus.  Many traders and investors have found my analysis quite profitable over the years.

Sid Norris
http://elliottwavepre.wpengine.com

Content Protected Using Blog Protector By: PcDrome. & GeekyCube.
ewplogotransorangews

We should stay in touch!

Register to automatically receive email notification of important new market analysis from Sid.  Register now and we'll send you FREE access to Sid's newest educational video: "Introduction to How I Combine Elliott Wave & Hurst Cycle Analysis".

You have Successfully Subscribed!