Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com

Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com.  Click on the charts to enlarge.

GDX moved to slight new lows today, but the larger picture is unchanged.  A large 18-month cycle trough is imminent in gold miners, and Gold and Silver appear to have already shown five small-degree waves up followed by partial retracements in the form of ABC zigzags.

Here are the updated GDX weekly, daily, and 240-minute charts:

GDX weekly 9-11-15

GDX daily 9-11-15

GDX 240m 9-11-15

As for Gold, here’s my main longer term count, shown on the XK futures contract.  The most important aspect of this chart is the interpretation of downward movement since September 2011 as corrective.

Gold weekly 9-11-14

Alternatively, those who prefer to count the downward movement in Gold since 2011 as a 5-wave impulse are generally counting Gold as follows, this time on a chart of GLD.

GLD weekly 9-11-15

Please note that I do not agree with the above interpretation over the longer term.  The most important take-away is that BOTH counts expect Gold to move to the upside next, likely back to the January 2015 highs at a minimum.  If Gold goes up, so will the miners.

Finally, here are both the main and alternate counts on the Daily, 240-minute, and 90-minute charts of Gold XK futures.  Notice the 5-waves up from the July low followed by a corrective ABC partial retracement on the 240-minute and 90-minute charts.

Gold daily 9-11-15

Gold 240m 9-11-15

Gold 90m 9-11-15

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Sid Norris