This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
Relative to gold, the XAU/USD has different wave count to NewCrest Mining - as I see it. It looks like the XAU/USD is indeed in a B wave that is incomplete. This means that currently gold is headed up but in relation to XAU/USD a new all time high will be postponed by a C wave down that will likely start sometime around May 2018. This means XAU/USD goes up to May 2018 with a targeted price of around 1540 - 18.5% rise in 10 months. Don't think NewCrest mining is in any B wave and it is in wave (1) of (3) up. The two are out of synchronisation which has been very confusing. But confident now about the long term wave counts for each. Once the long term counts get sorted it is far more reliable to get accurate short term charts. The weekly, daily and two hourly charts for XAU/USD are in the Dropbox link below. Gold is going up in a moderate to big way - how that plays out momentum wise remains to be seen but my projections are we go down slightly next week then mid week or a little later things take off up - likely powerfully.
Still think the DOW is in a sideways wave 4 correction at minor degree. In my view price goes sideways (up and down) on the DOW to about 7 August - highly likely in a triangle. Once that completes DOW goes up to a new high just above its most recent high - some time around mid-September to beginning of October. But really price is going sideways - day traders market on the DOW.
Will try posting a folder with those 3 XAU/USD charts and a 2 hour DOW chart.
Enjoy your weekend. Coolish over here - think I will head off to some EXPO where there are some tarot readings going on - just for a look. See what it is like.
Hi CR,
ReplyDeleteRelative to gold, the XAU/USD has different wave count to NewCrest Mining - as I see it. It looks like the XAU/USD is indeed in a B wave that is incomplete. This means that currently gold is headed up but in relation to XAU/USD a new all time high will be postponed by a C wave down that will likely start sometime around May 2018. This means XAU/USD goes up to May 2018 with a targeted price of around 1540 - 18.5% rise in 10 months. Don't think NewCrest mining is in any B wave and it is in wave (1) of (3) up. The two are out of synchronisation which has been very confusing. But confident now about the long term wave counts for each. Once the long term counts get sorted it is far more reliable to get accurate short term charts. The weekly, daily and two hourly charts for XAU/USD are in the Dropbox link below. Gold is going up in a moderate to big way - how that plays out momentum wise remains to be seen but my projections are we go down slightly next week then mid week or a little later things take off up - likely powerfully.
Still think the DOW is in a sideways wave 4 correction at minor degree. In my view price goes sideways (up and down) on the DOW to about 7 August - highly likely in a triangle. Once that completes DOW goes up to a new high just above its most recent high - some time around mid-September to beginning of October. But really price is going sideways - day traders market on the DOW.
Will try posting a folder with those 3 XAU/USD charts and a 2 hour DOW chart.
Enjoy your weekend. Coolish over here - think I will head off to some EXPO where there are some tarot readings going on - just for a look. See what it is like.
https://www.dropbox.com/sh/9ot99yxsk859r01/AABQRNsq5dgkomzyRXBiFZPoa?dl=0