The J150 index is assessed for arrival at Primary [3]. Minor wave 5 of Intermediate (5) is compared with the 1.618 ratio of Intermediate wave (1).
Previous
From 15th April:
The Gold Mining index has entered Intermediate wave (5) with gusto. It has doubled within the last month. The ragged pattern deconstructs into another ending diagonal. The 3rd movement has taken respite at the 27.2% extension of Minor wave 1. The RSI can accommodate a full 4th wave with ease which advises caution with the natural expectations of a minor blip here. A full 4th wave is expected to emulate wave 2.
The weekly overview from 21st March reminds that we are looking for the completion of Primary wave [3] which will be followed by Primary wave [4] which must not enter wave [1].
My wave numbering
The purpose of sharing this is to encourage broader interest with the application of the Elliott Wave theory.
The standard version of the theory applies.
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