My old yellow alternative (2) has become my primary now. Allowing for one more local low in (v) of cir-c of Y of (2), as shown. Other ways to count this corrective slop; red A-B-C for example. Regardless, entering support for possible turn higher. I'll be looking for technical divergence (on MACD and RSI for example) as well as an initial impulsive move higher for clues. The area of resistance overhead is a candidate target for wave 1 of (3).
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Strike "entering support." Price is "in support" as indicated by the yellow box which has been hanging around down here for months...
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nick.holland78
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Update to red micro count from 2 weeks ago...
nick.holland78
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Getting an extended wave (v) here. Possibly need one more little 4-5 in v of (v). Here, you get the picture. Strong impulsive move up would be initial signal this correction has completed. Better confidence on the bigger pattern filling in, which comes much higher in price.
nick.holland78
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Went back an calculated the retrace fibs in log scale. Should have done this previously. See revised box. Old yellow box left for reference. Price right at the 50% retrace level now.
nick.holland78
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Trying again. Computer acting up...
nick.holland78
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In a long-awaited support region. Unless you're day-trading this (I'm not) I don't know what else to say.
nick.holland78
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Might see that last little flush here soon. Hard to predict how deep as 5th waves in precious metals can extend. But I've also seen 5ths truncate. Lot of volatility this month which challenged my Elliott Wave counting. Regardless, I'm watching for signs of the bottom; a micro 5-wave impulse to trade against.