RE:September to Remember !!It looks like a ABC correction playing out in the metals. I think that A (down) + B (corrective up) waves are complete. I think that B completed yesterday - in both metals and in the mining shares. I sold all my swing positions yesterday and put on some shorts. (most of the miners I look at broke down out of a bearish rising wedge today on the hourly. Looks like C down is in progress, and if this is indeed just a regular ABC correction, that would put C's end in gold at around $1356ish, perhaps a fakeout below 1345-1350 to trap some bears.
I sure do hope it's just an ABC correction. =) But my new shorts (not in DNG, I'm long) are good for now, but won't be holding long.
Looking at DNG, I think that consolidating symetrical triangle is basically played out without much energy left to go either way based on that formation. That what happens when triangles exit at the Apex and nothing happens!
At this point, I think it might be possible for DNG to correct a bit, to say down to the 38.2% level @ $1.42, or possibly, slightly deeper to the 50% level at $1.30-1.34 area. Still have my buy order at 1.30 lol... if that gets filled...
From EW POV, wave 1 started at $0.84 and ended at $1.29, with a text book 61.8% correction down to $1.01, and it does look like wave 3 completed at the recent $1.67 high, which is a bit short of the typical fib ratio of wave 3 to 1 of 1.618.
It certainly feels like we've been in the grinding wave 4(!!) lately, and a typical 38.2% correction, should see DNG at $1.42 (that's also where the 50dma is), so I think the chance to get down to 50% @ $1.34 is fairly low. But we'll see what the market brings us.
Once W4 down completes (assuming at $1.42), if W5 = W1, then we should get to at least $1.87 at W5's end. who knows, maybe we'll get a big extended 5th.
I wonder if there will missles launched, that perhaps leads to an extended 5th in gold taking it to 1500ish. (the other possibility of course was that the recent 1430ish high was the end of Wave 4, and wave 5 down is just starting. But I sure hope this alternate is NOT playing out!)