Elliott wave weekend review.
DOW JONES INDUSTRIALS
The futures drifted lower early this morning
to create a larger three wave pattern in wave 'ii' of (iii).
but the cash market rallied straight out of the gate this morning to begin wave 'iii' of (iii) of [iii].
Wave 'iii' of (iii) should continue up to the 26800 area to complete.
we will be within a stones throw of a new all time high at that point,
and that accolade should prove irresistible to traders.
They will wear a new high it like a badge of honor,
in some cases, literally!
Although It will in reality,
be a millstone around our necks!
Watch for a rise in wave 'iii' of (iii) to continue towards that all time high at 26920.
Next week will likely bring that new high,
and maybe even an end to the larger wave [iii] green.
With each step we are nearing the cliff edge again.
GOLD stabilized today in wave '4' of 'c' of (c).
the market is likely to create another low between support at 1259.50 and the lower trend channel line at 1250.80.
And this should happen relatively quickly,
So we may well have the final low low in place for wave [ii] early next week.
Wave '4' of 'c' has not completed three waves just yet.
Watch for a short pop higher to about 1280 to finish wave '4',
and then a drop into the lower target in wave '5' of 'c' of (c).