Monthly Archives: January 2015

Silver

As expected under a bearish view on previous intraday chart, the ending diagonal wave (c) as the last portion of the three-waves sequence Y(circled), has been retraced to it’s start point. Hence, would suggest that the overall “Double Zigzag” W-X-Y,  has been completed at terminus point of 18.50 .

For now, Subsequents of the first wave of decline is likely in progress. The ultimate target for the wave i(circled), would be around 16.07 level.

Silver - Intraday

Silver

As expected under a bearish view on the previous daily chart, Silver may be completed the first cycle(waves 1 and 2) in terminus point at 18.50, of the current decline as the wave (5). Hence, second cycle in the same direction, and decline wave 3 will likely ahead.

A bullish alternate count:

The wave (5) has been completed at 14.15 level, and the overall five-waves sequence from peak at 50.97 to low at 14.15 is likely correcting.

Silver - Daily

Gold

As expected of the view on the previous intraday chart, the bearish leading diagonal may be still in progress. The current rise could be a fourth wave of the concept, So that a fifth wave decline of the sequence which may be the first wave of wave 3 is likely ahead.

Gold - Intraday-1

Gold

In a bearish view on intraday charts, the leading diagonal which is likely in progress, could suggest that a significant top has formed on 1309 level as terminus point of wave 2.

And also, It is expected the following wave sequences are extended in the same direction that the leading diagonal has been going on.

Gold - Intraday

Gold

“A zigzag, on occasion, will cut deeply and move into the area of the second wave of lesser degree, although this almost exclusively occurs when the zigzag is itself a second wave. “Double bottoms” are sometimes formed in this manner.”

Based on the description, the rise of low on 1132 through high in 1309, could be second wave of wave (5) likely in progress, and so third-wave decline ahead.

Description of the possible wave 2 :

The beautiful leading diagonal wave a(circled), could suggest an extended impulsive-formation as the wave c(circled), in order to approach to an asymmetrical form on the overall corrective sequence as wave 2 .

Gold - daily

Gold

Will Gold’ongoing-decline be extended to lower levels in the coming weeks?

In a bearish alternate-view on the weekly chart frame, the bearish strength of leading diagonal concept as wave (1), would infer to extend the following waves on the down trend persistently. And hence, the fifth wave of the five-wave sequence A(circled), may be extended to lower levels.

Based on the bearish alternative, A common fibo-expansion target for the extended wave (5) of A(circled), could be around the 950 level, where be established an equality ratio with the wave (1).

Gold - Weekly

Gold

After an impulsive five-wave sequence up of the cycle degree in September 2011 , Gold is likely to correct in a three-waves sequence(or a variation).

An explanation of the ongoing Gold’s bear market :

The ongoing five-wave sequence down from the peak in 1923 , which up here has lasted 42 month, may be just as an initial subsequent of the great correction of the same cycle degree. It could be considered as the wave A of the primary degree.

In a bearish view on the monthly chart frame, the fifth wave of the five-wave sequence A(circled), may be extended to lower levels.

Based on the bearish view, the expected fibonacci targets for the wave (5) of A(circled), could be considered on the 950 level where is equality ratio with the first wave, and 886 level where is 0.618 time of waves (1) through (3).

The ultimate target for the bear market, could be in the span of travel of the previous fourth wave of the primary degree, around the 398 area.

Gold - Monthly

Gold

An explanation on the Gold’s quarterly-chart, since 1975 :

” The essential underlying tendency of the wave principle is that action in the same direction as    the one larger trend develops in five waves, while reaction against the one larger trend develops in three waves, at all degrees of trend.”

In accordance with the concept of the Elliott Wave Principle :

On the quarterly-chart frame, Gold completed an impulsive five-wave sequence up as a possible third wave of the cycle degree, in summer 2011. Since then, Gold is likely to correct in a three-waves sequence(or a variation) as a possible fourth-wave.

The ongoing five-wave sequence down, may be just as initial subsequent of the great correction of the same cycle degree. It could be considered as the wave A of the primary degree.

How far down can the ongoing Gold’s bear market be expected to go?

” The primary guideline is that corrections, especially when they themselves are fourth waves, tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most commonly near the level of its terminus.”

Based on the guideline of the Elliott Wave Principle; Gold tend to develop its following wave sequences on the down trend persistently, and it is expected ultimately retrace to the span of travel area of the preceding fourth wave of one lesser degree, around the 398 area.

Gold - Quarterly

An explanation on Copper’s quarterly-chart, since 1972 :

” The essential underlying tendency of the wave principle is that action in the same direction as the one larger trend develops in five waves, while reaction against the one larger trend develops in three waves, at all degrees of trend.”

In accordance with the concept of the Elliott Wave Principle :

On the quarterly-chart frame, Copper completed an impulsive five-wave sequence up as a possible third wave of the cycle degree, in spring 2008. Since then, Copper is likely to correct in a three-waves sequence(or a variation) as a possible fourth-wave.

“Quite often, when a large correction begins with a simple structure as first wave, the following waves will stretch out into a more intricately subdivided corrective form to achieve a type of alternation.”

Accordingly, for the subsequents of the overall corrective sequence; it would suggest that, the sharp simple structure fall could be labeled as the wave A(circled), the simple three-waves rise could be wave (A) of an ongoing wave B(circled), and then an impulsive wave C(circled) decline which would be yet more complex is likely ahead.

How far down can the ongoing Copper’s bear market be expected to go?

” The primary guideline is that corrections, especially when they themselves are fourth waves, tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most commonly near the level of its terminus.”

Based on the guideline of the Elliott Wave Principle, Copper tend to develop its following wave sequences on the down trend persistently, and it is expected ultimately retrace to the span of travel area of the preceding fourth wave of one lesser degree, around the 86.60 level.

The equilibrium area on the previous fourth-wave is a common target after five-wave rallies, so Copper on the expected alternate counts for its corrective sequence, may eventually work its way down to expected target.

Copper - Quarterly