BenjiMiller

BenjiMiller

Hi everyone. I wanted to take a moment to show why I don't believe that GOLD is ready to breakout into new highs just yet, and why we are more likely to see further consolidation to the downside after a coming retest of the $1,556 highs. For all of you who are well-versed on Elliottwave principles, you know that an impulse wave can only be either 5 waves or 9...

BenjiMiller

When looking at the crude oil market, one thing that seems quite evident (in Elliottwave perspective) is that the rally from the FEB 2016 lows are NOT impulsive. The bounce back clearly has been choppy and no 5 wave impulse is clear. With that in mind, how are we to make sense of the MACRO direction for OIL? My analysis leads me to view this large and extensive...

BenjiMiller

GOLD had an impressive consolidation day today. Even though technical indicators (MACD, RSI, Bollinger Bands) show that its overbought, it didn't give much on the downside and is now showing strength as the session closes. I'm still anticipating an attack on the highs in the first few days of next week... (green channel indicates projected route). NOT...

BenjiMiller

Gold bulls (and short-covering) sustained the attack after the FED announcement yesterday and now seem to have the momentum. I believe we are on the way to testing the $1,556 high next week. My prediction is that gold fails to reach new highs and falls back down to the $1,400 region in coming weeks...

BenjiMiller

GOLD did exactly what it was supposed to do... should continue overnight and into tomorrow. Still anticipating the gold will NOT reach new highs but will be rebuffed next week in a B wave high. Thereafter, we would see a 5-wave C move. This would be a FLAT CORRECTION if it plays out...

BenjiMiller

So long as gold holds above $1,480.60, I still think we are BULLISH.

BenjiMiller

60 minute chart showing gold reclaiming and defending rising support trendline...

BenjiMiller

Its about 40 minutes until the FED decision and gold has slowly but surely recaptured the rising support trendline (purple parallel lines). This bodes well for the yellow metal in the coming days, I believe.

BenjiMiller

An important battle today to recapture the support channel line... looks encouraging so far.

BenjiMiller

Although gold broke slightly below key support trendlines this morning and bumped up against them all day without success, the price action in silver was very encouraging, as can be seen by this chart. Still projecting a strong move in the metals tomorrow and early next week. I tend to this that we're forming the B wave in an A-B-C correction for gold & silver....

BenjiMiller

GOLD has dipped below the green support line and lower rising channel support but I expect it to rally above today! Expecting a strong move higher over the next week attacking the highs...

BenjiMiller

GOLD update: please look at the rising channel for gold over the past few weeks (contained in purple lines). Last week, gold hit the mid-channel line and was promptly rebuffed but this morning has held at the lower support trendline. If it holds and continues higher, I expect Gold to attack the September 4 high (but fail to breach). If a breach does fail, I...

BenjiMiller

I'm still bullish on GOLD for the next few trading days and thinking its going to attack the highs next week (and fail to breach). In that regard, I anticipate that NEM is in an expanded flat and that wave 5 of the ending diagonal should commence Monday morning after a wave 4 overlap at $38.79. If my analysis is correct, NEM will bottom after this quick overlap...

BenjiMiller

We had a fantastic overnight attack last night/early morning, followed by an aggressive response in today's session. The overnight attack hit the mid-channel resistance at the high and was promptly turned back. Still projecting a B wave rally next week which will attack the highs. I expect the attack to fizzle and fall back for an C wave in the coming weeks to...

BenjiMiller

Finally the breakthrough I've been anticipating with Gold. If its a corrective attack on the $1,557 highs, it should come as a series of jagged moves in the coming days. Fascinating to watch the bulls & bears battle it out...

BenjiMiller

GOLD update: we're at a critical juncture for gold now. The next two trading sessions will define whether we're in a W-X-Y correction or an A-B-C. I'm still leaning for the A-B-C correction that should take us higher with a B wave in the next week, before selling off to the $1,400 support level. Stay tuned.

BenjiMiller

A strong rally attacking the high (but failing to breach) is consistent with a strong rally for Gold in the coming days...

BenjiMiller

Gold update: I've been looking at the SILVER price chart, as well as, some of the large gold mining stocks and indexes - and I have a suspicion that they have a strong counter-trend rally due in the coming trading sessions. This has caused me to reassess the gold wave count and I now think there's a good chance that instead of a diagonal X wave, we might be...