The Significance Of Gold $1216

Gold

Gold hit the minimum target of 1216.60 that we set in yesterday’s subscriber update at almost the exact high of $1236.40 

Use your “CTRL” and “+” key on your keyboard to expand the chart if you like.  Thanks.

Since we are in an ending diagonal triangle, the legs of this triangle need to consist of at least one 3 wave pattern. If wave $iv$ ended at yesterday’s high of 1236.40, then we should be able to see such a pattern. It does appear that gold has fallen in at least one 3 wave pattern from 1236.40 to the current low of about $1205.

We are expecting to see the end of wave ^ii^, likely today. A break of the down trend line connecting 1245.80 and 1236.40, will confirm to us that wave ^ii^ has ended.                                                                                                                              

Here’s a look at the long term chart:

Anyone who is not long this market or would like to add to long positions, can buy today, risking to 1167.20

We are long 9 comex 100 ounce positions, risking to 1167.20.  Know your limit, and play comfortably within it!                                                                                                                                    

S&P500

We are monitoring the 10 Min chart and the location of the upper red trend line.  Here’s a look at that chart:

We will be looking for a top in the S&P as we finish the final subdivisions of wave -v- of (v) of c of B.

Here’s the big Ewave picture as we see it:

USDX

The USDX dropped to 93.84 in the overnight session, at the time that this Post was being written. This drop does not change our thinking, relative to the wave .iv. triangle, but it does change where wave *c* of that triangle likely has now ended. 

The Captain has advised many times about how triangles like to extend, and this one is probably no different.

If wave *c* has now ended at 93.84, then we should expect a rally in wave *d* as the next big event. Wave *c* cannot go below wave *a*, which is 93.38 and wave *d* cannot rally above wave *b* which is 95.23, for our current triangle formation to remain valid.

Here’s the longer term Ewave dollar analysis chart:

NatGas

NG is struggling to get over the wave .i. high of 2.88, but we have little doubt that it will. We are still looking for the possible top of wave *i* of .iii. …….and it could have occurred at yesterday’s 2.90 top!

If that is the case then we should be correcting in wave *ii*, which so far has a low of only 2.83. If wave *i* ended at 2.90, then some projections for the end of wave *ii are:

 50% retracement = 2.78;

61.8% retracement = 2.75.

Here’s another Ewave look at the chart:

Although we are not fundamentalists this info might be of interest here: http://www.accuweather.com/en/weather-blogs/anderson/sunday-blizzard-update-and-long-range-clues/42260793                

We are long 6 positions, risking to 2.65.

HUI / XAU / GDX

We were looking for our final drop to at least 20.82 for GDX, and we got that today, to end the second wave .c. diagonal triangle and all of wave -iv-.

We remain long all GDX positions, with stops at 19.87!

Here’s a look at the bigger picture, via the XAU index:

We believe the XAU index is making a major (and very painful) bottom.  An unknown fundamental catalyst that has yet to present itself is likely going to be the fuel that powers gold stocks higher in a giant C wave!

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Special Report For Gold-Eagle Ewave Riders!  Send me an Email to [email protected]  and I’ll send you my free “Crude Oil To Soar!”report!  We’ll show you the Ewave tactics we’re recommending to play this move!

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