BenjiMiller

BenjiMiller

GOLD update: I have gone back to my previous wave count that gold is in an X-Y-Z consolidation/corrective pattern. Still expecting a move attacking the $1,519.17 previous high (and failing to breach), prompting the final a-b-c selloff to the $1,400 support level. Still projecting a low in gold around mid-November.

BenjiMiller

Overnight & morning price action for GOLD bodes well... expecting a c wave rally (part of the 2nd X wave forming) before the expected sell-off to the $1,400 region.

BenjiMiller

GOLD update: today's lows have held so far overnight and my projection is that we see a move higher in the coming days to form the wave (c) high of a 2nd X wave to the W-X-Y-X-Z correction from the recent highs of $1,556 on September 4. Will give an update in the morning... Comments appreciated.

BenjiMiller

I'm still projecting one more push higher for GOLD before the steep slide down to $1,400. With that in mind, I purchased NEWMONT GOLDCORP (NEM) $38.50 call options expiring this Friday (bought at $0.20) I anticipate that NEW is in an ending diagonal that will rise to $39.35 or so tomorrow, fall back to touch the wave 1 high at $38.79, and then push to the $40+...

BenjiMiller

GOLD: here's another possible wave count for the yellow metal. We could be in a wave X triangle that is working on the c wave. If that's the case, there should still be a small d wave down and then e wave before we get the sharp sell-off down to the $1,400 level. Still bearish until mid-November, in my projection.

BenjiMiller

GOLD update: I have altered my count on GOLD slightly after seeing the trading action the past few days. The push off the recent lows has been quite weak and so it has caused me to re-analyze. I now favor the view that we are in an X-wave triangle that is very soon coming to its conclusion. I had previously projected that GOLD will test the $1,535 high and fail,...

BenjiMiller

Projecting an A-B-C rally up to $1,525-$1,530 in the next two trading days... then a sharp sell-off to the $1,400 support area...

BenjiMiller

IMPORTANT UPDATE: I have altered my projected GOLD high on this A-B-C move upward and now project that GOLD will NOT (!) breach the $1,535 high from September 22. If correct, this will end up being a W-X-Y-X-Z correction. New target is just below $1,535 for completion of Wave X and then a sharp selloff that is expected to find support near $1,400 in...

BenjiMiller

UPDATE: the green channel represents what I believe is the C wave that I project will complete wave X in GOLD after breaching the $1,535 level (previous high on September 24). I anticipate that this level will be marginally breached early next week but will fail to hold, causing GOLD to nose dive to the $1,400 level by mid-November in an A-B-C move. In total, this...

BenjiMiller

Still expecting a 5 wave move higher to $1,525 this week/possibly peaking early next week...

BenjiMiller

TREND CHANNEL in BROWN indicates one final wave 5 push to complete the 2nd X wave later this week/Sunday night (?)

BenjiMiller

Here is my analysis of the forming 2nd X wave in GOLD. I count 5 impulse waves up from the recent low, then an expanded flat (w), followed by an (x) wave, and then (y). Anticipating a final wave X high in GOLD at the end of this week/Sunday evening around the $1,525 level (previous X wave high at $1,535 must NOT be breached). Next week, I anticipate a decline...

BenjiMiller

Good morning, my GOLD wave count still calls for a 2nd X wave to finalize later this week, followed by a final Z wave decline that finds support around the $1,400 level in mid-November. Will post more detailed chart of the currently-forming X wave shortly. Thanks for your comments. Benji Miller

BenjiMiller

This GOLD chart shows what I perceive as having completed an A-B-C correction on the 2nd X wave this morning. My prediction is that we will see gold push to around $1,525 next week (completing the 2nd X wave of the Wave 4 combination) and thereafter falling to the $1,400 level in late October/early November (marked as Z). This is where I anticipate Gold will find...

BenjiMiller

This is my 240 min chart showing GOLD over the past few weeks, and the coming few months. I anticipate that GOLD will make a final push in the next 2 trading days and attack the early September high at $1,556. I believe this recent push to be a 5 wave C move that will come close to the recent high but will fail to breach it. After the failed breach, I anticipate...

BenjiMiller

Had trouble typing this message in the Description Field so I typed it into the actual chart. See my summary and reasoning on the chart. Thanks!

BenjiMiller

Here is the DAILY chart prediction... GOLD projected to to rise near the $1,556 high in early September in a C wave and then likely falling to the $1,400 level in a Wave Y by the end of October. After bottoming around $1,400, I project GOLD will make final 5 wave thrust to the $1,650 level (possibly in an ending diagonal).

BenjiMiller

Though I am bullish on GOLD in the coming years, I believe Elliottwave analysis indicated we are in a C wave that should top out early in 2020 around $1,650.