moneyjeff1

moneyjeff1

If this long, complex Elliott Wave correction has finished, as a WXY, in a Wave 4, it's a big deal! Wave 5, the next expected move, could have started. A Wave 5 is the last wave in an five impulse patteren, and this could mean a multi-year bull market is only just beginning.

moneyjeff1

With the recent price fall, it gives us two Elliott waves ideas. An ending diagonal, which should take the price down to the $4800/ $4500 level, in a Wave 4. Then a muted Wave 5, which would complete the big wave pattern. Or this drop is a C wave in an expanding flat pattern. This is a dramatic pattern, which should take the price down to the $3650- $3227...

moneyjeff1

If Gold is finishing its Primary Wave 3, then the miners would expect to join it. But instead of them being in an impulse patten, like gold. The miners seem to be in a Wave3 Ending Diagonal pattern, in a larger C wave correction.

moneyjeff1

Gold could be heading towards the end of Primary Wave 3, maybe in an ending diagonal. Then the Wave 4 correction would follow. This could take a few months, and prices could decrease by around 10%.  When completed, we will be in the final Wave 5 and will target the $3,000 level. The price could extend well beyond this, as Wave 5s in commodities are often the...

moneyjeff1

Gold seems to be following this text-book Elliott Wave pattern. The next stop is Wave 3, around the $2600 to $2700 level.

moneyjeff1

It is now showing the potential to break out in Wave 3. If it fails, then it could still be filling out a larger wave 2. Still looking good!

moneyjeff1

There seems to be an Ending Diagonal completed or very near completion, and this should mean a decent return over the next several months.

moneyjeff1

It still looks in great shape as it digests the recent 40%+ move. And the correction seems to be neatly contained in parallel lines, which is often a very positive sign. As long as it stays above the 61.80% retracement level (£499), then I'm bullish. When it finds a bottom, then more accurate targets for the other waves can be made.

moneyjeff1

There are two potential paths, and either one could play out. Either an inpulse pattern or a corrective one. The impulse (black count) should target the $100 level and could even reach the $200 price in a blow-off top. The correction (red count) should target around the $45 price level. Then continue it's path to under $10. It's too early to choose one over the...

moneyjeff1

It is starting to look like we are in an impulse wave pattern, which means that we are likely to continue this strong price movement for quite a while.

moneyjeff1

It looks very good as an Ellliott wave impulse pattern, but really needs to continue pushing through $2300–$2400 in order to confirm the bullish trend.

moneyjeff1

When a diagonal pattern completes, it can retrace the entire move in between a third of the time and half of the time it took to form. Let's see if this happens...

moneyjeff1

If the miners can finally break out of a long-term corrective triangle, then there is potential for an 80%+ move over the next few years.

moneyjeff1

I'm looking for a wave 4 pullback over the summer to around $55,000. Then it should continue higher to complete wave 5, targeting $85,000 or the even higher $100,000 price level.

moneyjeff1

As long as the price doesn't go lower than the £420–£415 level, then the ending diagnal pattern looks on. However, if the price breaks below that level, then another pattern could be playing out.

moneyjeff1

If the market continues to rise without a large pullback starting soon, then this ending diagonal pattern would be an option. The small caps don't really support this pattern yet.

moneyjeff1

looks like it’s either completed an Ending Diagonal in a 5th wave or it needs one more move down for its completion.  Either way, with the massive negative divergence shown in the RSI, it looks ready for a big move up.

moneyjeff1

Gold is about to enter its most important phase for a very long time. If it is in an impulse wave, then it will clear the $2200 to $2300 area and, longer term, target at least the $2800 level. If it fails the pink important zone, then it has been in an Ending Diagonal pattern and may correct very quickly to the beginning of it, around the $1600 level.