U.S. Dollar Index Set for a Big Drop, Gold/Silver Heading Higher
September 30, 2017
Δοκιμάζοντας τα όρια….
October 3, 2017

If you’ve been following me for the last few years you know that since Gold was trading below $1.100 I was calling for a major low that would come and a major reversal targeting $1,500-$1,600. Although my timing was not the best during this entire upward move, I have managed to stay long during most of the rally….Let’s get to business now and look at the short-term Elliott wave count I have for  you…..last week I was confused and sad (I’m a dollar bull). Why because of this…..

 

The wave structure in Gold was impulsive. This was a very bearish sign. At best bulls would see a strong bounce towards $1,330 and then at least 5 more waves down maybe even below $1,200. However today’s new low changed this wave count to a corrective one.

The new low made today has given us so far 11 waves….impulsive waves never consist of 11 waves, only 5-9-13-17 waves. Corrective waves on the other hand consist of 3-7-11-15 waves. So this decline although it might extend a bit lower, is still considered a corrective one and Gold will reverse to the upside and produce a new high.

 

I remain longer-term bullish Gold and still consider this pull back as a great gift to Gold bulls. Thank you for taking the time to catch up on my thinking.

 

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.