Initially printed on Sat Oct 19 on ElliottWaveTrader.net: With RGLD following via to the draw back
Initially printed on Sat Oct 19 on ElliottWaveTrader.net: With RGLD following via to the draw back as anticipated in its c-wave decline, the query we’re left with is that if there’s any extra weak spot to be anticipated within the metals complicated earlier than we start the following main rally part?
The easy reply is that whereas the patterns nonetheless counsel {that a} decrease low can nonetheless be seen, it isn’t one thing I might be suggesting you commerce for in an aggressive vogue.
You see, lots of the patterns we monitor throughout the complicated nonetheless don’t look full to the draw back. Whereas fairly a quantity the buildings have morphed into a posh draw back corrective construction, it’s nonetheless fairly cheap to anticipate another bout of weak spot over the approaching week or so earlier than this correction/pullback runs its course.
What bolsters this attitude much more is that the rally off the decrease lows struck this previous week do not likely look impulsive in lots of the charts. This implies that the rally we skilled within the final half of the week was seemingly corrective in nature And, this helps the potential for another…