If the Silver target measured move @ $23 looks absurd or you don't like it , I can comply by arguing that Wave II is a Zigzap so Wave IV should not be a Zigzag according to the Rule of Alteration , and predicting a triagular correction which will manipulate the target to $40 . The Market will tell, soon enough, if I'm right or wrong . BTW Silver Wave IV @ $23 is just 54% correction while Wave II is 65% :eek: . Wave IVa] can reach $23 while Wave IVe] ends at $40 . "What goes UP must comes DOWN" .
USD/EUR is going UP as expected . Crude Oil is still struggling in a symmetrical triangle around $100 . Gold and Silver are going UP against advice , albeit in what look like corrective patterns (Zigzag and Running Correction) . We may have to change camp if Gold and Silver go pass all the measured moves ($1540 and $39) .
Gold shows Doji near $1540, there may be a revesion to mean @ MA(200) $1378 . Silver meets resistance @ MA(50) $39.05 may revert to mean @ MA200 $29 . Crude Oil may revert to mean @ MA(50) $105.55 then MA(200) 90.56 . US Dollar Index after found support @ MA(50) 75.04 four days ago may revert to mean @ MA(200) 78.07 .
INDU, SPX and NASDAQ show overlapping 5-waves and MA(50) break . The moves may continue to 11800, 1280 and 2675 to get a balance look . UTIL is the last to give MACD sell signal, may go DOWN to MA(50) 420.66 .
Gold, Silver and Crude Oil move near target then reverse as expected . Gold DOWN from $1530 to $1515 . Silver DOWN from $38.8 to $36.2 . Crude Oil DOWN from $101.78 to $100.52 . USD/EUR not UP as expected .
Dollar index still seems to be on downtrend, perhaps will reach the bottom by October. (But the USD may reach bottom against different currency in somewhat different time frame)
Wave count for 2009 to 2011 may be 1]-2]-3]-4] Wave 5] may end in the fateful year 2012, the beginning of Elliott's Grand Supercycle Correction :eek: . The size of Silver Wave 4] is qualified for a wave four because it is bigger than Wave 2] . Gold and Crude Oil Wave 4] should go DOWN a bit more to qualified for wave four . MACDs show SELL Signals and some more room for DOWNWARD move. $USD:$SPX looks poised for a reversal of trend .
Crude Oil Wave 3]5)'s five subwaves are apparent . Gold's and Silver's are not quite clear . Silver's deep correction should be primary degree correction so Wave 3]5)5 may be a failure. Gold's Wave 3]5)4 is quite small, another Wave 3]5)5 may appear from nowhere :eek: . Gold $1540, Silver $39 and Crude Oil $105 may be fifth waves at measured moves .
DJI, SPX and NASDAQ 2009 - 2011 charts look like Cycle degree Ending Diagonal. This can be Wave V]V)V1]-2]-3]-4]-5] failure to be followed by very deep correction (80-90%) or Wave V]IV)B1]-2]-3]-4]-5] followed by another 50% correction or Wave V]V)V1]1)-2)-3)-4)-5) followed by 20% Wave V]V)V2] correction . More Bullish count may be Wave V]V)V1]-2]-3]1)-3]2)-3]3)1-3]3)2 followed by the strongest Wave V]V)V3]3)3 .
DJI low 12309, SPX low 1311, NASDAQ low 2739 fell short of the measured move targets 12200, 1305, and 2710 again . MA(50)s and measured moves are resistances , there may be another 5-waves DOWN , if not the 2 years old Bull Market may resume UPWARD trend .