Wednesday, 1 April 2020

JSE, New Gold, GLD (ETF)

Update 29th April:
Moving along from the previous chart (below) this perspective sees Intermediate wave (3) negotiating Minor wave 3. The typical target of 1.62 of Minor wave 1 above 2 is indicated and is seen to share its location with the typical projection for Intermediate wave (3) of 1.62 of Intermediate wave (1) above (2). Presently the Rand is strengthening against a short-term weakening of the US dollar and XAU/USD (spot gold) has met resistance. The pullback here is not expected to exceed a Minute degree of wave order. The unprecedented circumstances show no signs of going away anytime soon.



From 1st April:
This daily chart suggests the Intermediate wave (3) of Primary wave [3] has now negotiated its mid-wave transition into an extension. It sees wave (1) as a leading diagonal with component wave 5 being an overshoot. It finds that a wave (3) of 1.62 (1) shares its target with a 1.62 x for the extension of Intermediate (3). This picture is looking for Primary wave [3] to be more than 2.27 of wave [1].




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