Elliott Wave Analysis of Gold & Silver as of 1st August 2020

published on August 2, 2020

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Just a standard thing the best wave count that i have for silver here on the 60 minute scale price news dollars is that we are most likely in a force wave in a

Triangle of which we have seen an abc probably d done if it's not done sorry there'll be just a slight uh pop here um the critical level very short term is right here

Uh just under 25 if it pops it's at about 25 it's gonna mark up my ideal yes sideways price action here that will form the triangle uh if it succumbs to selling pressure

For over two three uh trading days that'll be in fact perfect as long as it keeps uh above 2280 okay so we do have fairly tight range uh to watch here um that is an idealized

Uh pattern we have absolutely no guarantee mr market is going to deliver that but that's basically the idea okay running straight up substantially above 25

Should tell you that the end of the triangle took place possibly here possibly here yes we will have to examine it step by step maybe even here there are several options that we will have to

Uh entertain uh as it is giving us more price action to go by the thing to do is uh um to focus on the critical level short term which in this case it's right here 25 yes it's

Pretty clear if it jumps about 25 and you see gold also continuing to power head and silver does something like that that is an impulsive movement and if you didn't buy it here

Yeah this is your second chance to buy yeah let's say 2560 because it is very likely to continue higher gold in the current circumstances is edging ahead

Yes uh of silva silva had a huge move uh yes it was outshining gold for uh for quite a few days inspect you know delivering spectacular performance now gold is uh

Taking the lead slightly uh we will see the chart in a sec so that is basically my reading um we have as i said a critical level here a critical level here and if he does break through that level

Uh it's going to mark up my uh ideal triangle and then we have to start preparing for a possibility that it's going to go under 20 to 20 okay at this point in time i don't think it's very likely

But it's something that we discussed in the past you remember we said that could turn into an a that will turn into a b triangle and it's going to be sent down in a c

Okay this will become the preferred reading should it come down break 2280 and not give us a lot of size that it is intending to bounce back very quickly but it continues to sag

Around here you really got to factor that this is going to go 2220 and we will be witnessing a big c uh developing that will relate to our a here okay so that is silver on the

60 minute scale when we jump to the daily scale a fourth wave would fit perfectly here because we had this as one two one two three four five and that's our three

That's our fourth wave do not be surprised if we have to come back at some point and actually revise the wave count that i'm showing you here yes it is possible we might have to come

Back and do that in the case of gold there is definitely a different wave count in the case of uh i looked at several um major stocks and we will look at some of them later in the video

And i um i think that it is sensible to assume that the gold has substantially different wave content times than the one i'm showing you here okay now this is gold that's the 60 minutes

When i said that gold is running a bit ahead then silver that's what i meant you see while silver is still mid-range here comparatively speaking uh gold is pushing high and high you can

See and it is still looking uh quite buoyant and that is the best interpretation that i have for gold at this point on the hourly scale that's an a that's a b that's a c that's

A d so you have a critical level obviously right at the previous high registered fairly recently right here okay that's it 198436 and i do think that they scope for

Further decline not earth shuttering decline but something like that could still fit the picture very well yes as long as it keeps uh keeps this support level uh intact

Doesn't penetrate it by a lot that's 1940 okay it could work very well this wave can't if you see anything like that over let's say

One or two day um slide sorry you see a one or two day slide taking you down and then it swings back up it starts running above uh the resistance that you see here you you can

Assume with a fairly high degree of confidence that the fourth wave here is behind you and it's running up in the fifth wave now a fifth wave fine okay

But on which scale you see because that is the daily and there is a dilemma here because the one two one two can remain the way we put it there is no issue there

The issue will surface if we get just one or two day pull back here and then it reverses and it starts running high at that point um the fourth wave here cannot be related

To this scale nor of course to this scale and then what happens is that you have to go back you have to go back and you have to say to yourself what's going on

I i had a fourth wave here extremely clear mr market delivered uh almost a textbook fourth wave for us here uh so it relates to what and i would say that that would be the

Best alternative in that case yeah uh that we are going to work with this being one this being two okay we run up exactly as i show you here with my arrows and that's going to be

Our 3 on the blue scale that's going to be our 4 and the shot will be a 5th wave on the blue scale after which after which you should assume that the third wave on this scale

Is done and then more extensive correction uh will take place okay so i repeat if we get just two days of a pullback and then a very strong run to about 40 even 2060 yeah you should assume that

This is the right wave count it's gonna be quite uh spectacular yeah um and then our third wave is done and this is going to call for uh i would say easily four to six weeks yes easily to

Four to six weeks sideways price action uh to give us that fourth wave on the move scale before it continues even higher there is no let up in the in there i like to say

In the run the bullish run but it looks more like an explosion actually and there is no let up it is extremely strong and do not dream even in you uh most elusive dreams do not dream

At all to go short this market you do yourself a favor just abolish these thoughts right now this is the wrong thing um to do here substantially so with some details about my service currently

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