Gold presses impulsive pattern.

Symbol:
GC

Opportunity:

This is an update to our Miner's Coverage List.

This stretch high in GC is very good, but it still cannot eliminate the potential that this is just a yellow (a) up inside a 4th.

A-waves can be either 3 wave moves or 5 wave moves and even as a 3 wave move the c of an A-Wave can stretch well beyond the 100% extension and still be just a c wave...

It is better to continually walk up the support level for any fourth wave to hold.

While possible for this to be the micro 3rd of the green v of (iii) attempting to stretch all the way to the 200% extension at 1214.50... It would be prudent to consider the potential that this is just an extension of iii of (iii) OR a more normal Fib hit for just all of the (iii). Both of these are illustrated by the blue iii/(iii). "Ratcheting-up" our support any blue iv/(iv) should ideally hold the 1195 region, and a v/(v) would then target 1220s.

As far as GDX goes, even if this is ONLY an alt orange 4 this should still be just the start of the a wave of that corrective bounce with resistance in the 21-22 region. If gold can keep holding corrective retraces at or above ideal support and advancing the potential impulsive count then GDX is likely to continue to develop more off the low.

QGC# - Alternate 1 - Aug-22 0739 AM (15 min)
QGC# - Alternate 1 - Aug-22 0739 AM (15 min)
GDX - Primary Analysis - Aug-22 0744 AM (1 hour)
GDX - Primary Analysis - Aug-22 0744 AM (1 hour)
QGC# - Alternate 1 - Aug-22 0747 AM (2 hour)
QGC# - Alternate 1 - Aug-22 0747 AM (2 hour)
QGC# - Alternate 1 - Aug-22 0747 AM (1 day)
QGC# - Alternate 1 - Aug-22 0747 AM (1 day)
GDX - Big Macro Clean - Aug-22 0747 AM (1 day)
GDX - Big Macro Clean - Aug-22 0747 AM (1 day)
HUI.X - Primary Analysis - Aug-22 0749 AM (1 day)
HUI.X - Primary Analysis - Aug-22 0749 AM (1 day)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.