BenjiMiller

BenjiMiller

The S&P500 has recently burst through the upper Bollinger Band but looking over the past 20+ years, it has never stayed above it for long. Yes, it has risen along with the BB and even pushed through strongly at times, but never for very long. Is it possible that we see a high-level consolidation over the next few years that keep equities relatively...

BenjiMiller

Based on my prediction that Gold (and Silver) are due for one last SHARP decline in the coming weeks, I am taking a SHORT position in WPM. Here's the PUT: WPM JAN 10, 2020 $27 put Currently offered around $0.16 My target for WPM in the coming weeks is an attack on the $24 level. If correct, this put would reach $3.00 That being said, you could short...

BenjiMiller

I'm still expecting a final push down to the $1,400 zone to complete wave Z of gold's wave 4 COMBINATION pattern. Comments appreciated.

BenjiMiller

My Elliottwave analysis of the S&P 500 indicates that we might be finishing up wave (b) of an expanded flat that will complete wave 4. I have come to this analysis because of what looks like a triangle formation in the middle of this latest rally, which indicates a corrective (b) wave. If correct, a strong selloff is coming imminently. Comments appreciated.

BenjiMiller

Expecting a bottom in the $1,400 range...

BenjiMiller

My premise is that GOLD is in a WXYXZ combination decline and that we are now forming the 2nd X wave (higher), to be followed by the final selloff of this correction: the Z wave.

BenjiMiller

Well, although I had seen the possibility that would gold would not rally to the highs before going lower, I didn't give it enough of a probability. Gold, in fact, has slid lower and is not showing much life and so I've reassessed the wave count to this W-X-Y. Three waves down (W), then a sideways triangle (X), and now we're in the midst of (Y). Y will likely...

BenjiMiller

To be very candid, the snap back rally that I had envisioned has not yet materialized and it makes me question my previous wave count. Quite frankly, if gold doesn't have a strong move today over $1,500 then its not likely to happen. The first encouraging sign would be gold touching $1,481...

BenjiMiller

IF we are still in an a-b-c rally, then we've just set the b wave. C wave coming?? Not that the a rally was only 2 trading sessions (from Oct. 1 - Oct. 3), meaning that the move higher could be swift and strong!

BenjiMiller

IF gold is going to make its move higher, NOW is the time!

BenjiMiller

Well, its been a challenging few days for metals bulls the past few sessions but I believe we have encouraging signs, as indicated by SILVER. As you can see, silver has come back above the critical channel support line. I still see a solid push coming in the next several trading sessions to form Wave X. Cross your fingers metals bulls.

BenjiMiller

OK gang, the gold triangle that I posted earlier this morning has clearly been invalidated but I still maintain that we're going to attack the highs next week. Why? I refer you back to the 7-wave move off the Oct. 4 lows. This was not impulsive and indicates that there is one more high coming. Hold on to your long and average down if you can. And cross your fingers!

BenjiMiller

If gold is just finishing its triangle continuation pattern and ready to move higher, then NEM is a great buy! Any options in the $39-$40 level expiring next week should do excellent, if that is the case.

BenjiMiller

If yes, this would necessitate our push higher in coming days...

BenjiMiller

I was a bit premature in predicting the next GOLD rally but, as you can see, we have now hit 2 critical support trendlines: 1) the mid-channel downtrend support line (dashed green line); and 2) the rising channel trendline (purple lines) Now its make or break time for GOLD!

BenjiMiller

CRUDE OIL: My long term projection (see previous post on Crude this past weekend) is that we are in have been in a sideways triangle ever since the collapse during the financial crisis. My wave analysis is that we're working on the (c) wave, which will likely top in the next year or so. In the short-term, I believe we should be completing the B wave of this move...

BenjiMiller

GOLD ready to move higher NOW!

BenjiMiller

Believing that gold is ready to move higher this week, I purchased Barrick Gold Nov. 1 $17 call options at $0.34 Hoping for a strong week upwards for the yellow metal!