The (1) shown on your chart is definitely not an impulse with wave 4 overlapping wave 1.  Back to the drawing board.

This would be my preferred Elliott Wave count on gold. A breakdown below 110 in GLD  would invalidate this wave count. A breakout over 131 triggers a Wave 3 impulsive advance.

Thursday Newsletter

Nice Matt - maybe Coffee can catch a bounce this year   

XLU - Chart Link - if the market does pull back again XLU Utilities will probably break out

DBA - Chart Link - nice rally this week!  off the doji candle I discussed on weekend

DBA - Chart Link - weekly move

DBA - Chart Link - 60 min  you had a gap and go over that resistance trendline, basically was a breakaway gap

$SPX - Chart Link - as you can see once the 60 Stochastic fell below 80% on the 5 min time frame, that ended the trend day and price has fell ever since

also another educational point: Notice when the 60 Stochastic fell below 80% that it bounced back and found resistance on the underside of 80%? that was a good short, called a 60 Stochastic 80% rejection short basically

https://www.aaii.com/sentimentsurvey- big swing from last week (provided fuel for the recent rally)

AAPL - Chart Link - not making much headway on this recent market rally

Matt, is this last run up a break in symmetry to the upside? ie., 67 points vs 91 points

$SPX - Chart Link - 60 min view, SPX a 90 point move off the lows, logical pullback near resistance 

$SPX - Chart Link - for now the 15 min view though has more of a bull flag look. we'll see though

GDX - Chart Link - could be forming a bear flag

$SPX - Chart Link - that 60 Stoch fell below 80% on the 5 min

$SPX - Chart Link - 60 Stochastic momentum setup on that pullback provided a day trade long entry

ok thanks

and remember my post below the 120 and 60 min time frames, those indicators are testing their inflection points on the bear side where they will either confirm up now or head back down

yes and no. Yes price found a low right where the BPT BR Squeeze went below zero, and where the 60 Stochastic tested 50%, many times where those indicators tests ends up being a low vs confirming via the whipsaw method. However price can also have an initial reaction bounce for a few days like we've seen, then head down again. that happens many times in ABC type corrections.  At minimum is someone was long the stops would need to be around Monday's lows now.  Also the MA ribbon is still positive and was pinching there

Otherwise price is still below the now broken ATR trailing stop, so one could wait for more evidence that the downtrend was in fact completed, such as price getting back over the ATR etc. Again under an ABC sort of correction the market could still chop around here for a bit

for me there's some big resistance up here as I've shown on the 60 min charts below

on the daily chart that is...

60 stoch turned back up, that has to be really bullish since its hard for it to turn back down anytime soon right?

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