GD, MOS updates 08/21

GD: Beauty of a chart, rather easy and straight forward to apply Elliott Waves to. Looks like (yellow) major-4 could have bottomed at the 23.6% retrace of major-3. Its the minimum for a 4th wave, and since intermediate-ii and –iv were relatively shallow too, it is logical to assume major-4 won’t be (too) devastating either. Based on the Fib-extensions and retraces I expect major-5 of Primary-III to target around $240-250. Primary-IV should than bring back price to the red target box once again, possible even lower. Since it’s hard to look around one corner, lets keep us focused on major-5. Note major-4 can of course still be on going with a b-wave and then a move lower $150s (38.2% retrace), but for now the minimum requirements, even for an a-wave of major-4 have been met and its therefore time to look higher.



MOS: It’s been a while since I updated on this, but nothing’s changed from last as  it still looks best as major-4 of primary-C of Cycle-2 is underway and close to completion. A turn lower for major-5 to complete the Cycle-2 would set up nice positive divergences on the monthly TIs (not shown), not major-4 can still go higher, to about $37s, but a break above $40 will have me question this count and suggests Cycle-2 is in. The burden of proof is now for the Bulls, the Bears got it easy 😉

MOS monthly