Elliott Wave International - Market Analysis

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Gold (Intraday)
Posted On: Aug 7 2008 12:55PM ET / Aug 7 2008 4:55PM GMT
Last Price: 879.30 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

Little change. GOLD has made a new low at 876.50 as we continue to subdivide toward 850, I am still wondering if we will get that low but we have to alllow for that. RSI so far is diverging again and I am starting to like the relative strength in the extremely washed out HUI and GDX gold and silver stock indices. I am being patient but will watch the near term very closely here. Support at 876.50 and 869, resistance at 883 and 887.50. Mike Drakulich

Silver (Intraday)
Posted On: Aug 7 2008 12:54PM ET / Aug 7 2008 4:54PM GMT
Last Price: 16.29 SEP

Silver (Intraday)
Posted On: Aug 7 2008 12:08PM ET / Aug 7 2008 4:08PM GMT
Last Price: 16.3250 SEP

Gold (Intraday)
Posted On: Aug 7 2008 12:04PM ET / Aug 7 2008 4:04PM GMT
Last Price: 880.90 DEC

Silver (Intraday)
Posted On: Aug 7 2008 9:52AM ET / Aug 7 2008 1:52PM GMT
Last Price: 16.50 SEP

Gold (Intraday)
Posted On: Aug 7 2008 9:50AM ET / Aug 7 2008 1:50PM GMT
Last Price: 883.90 DEC

Comex Copper (Intraday)
Posted On: Aug 7 2008 8:10AM ET / Aug 7 2008 12:10PM GMT
Last Price: 3.4580 SEPTEMBER

ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)

Same view. COMEX COPPER the past few days has seen what appears to be a decisive break below the long highlighted key intermediate term support level at 3.5375 - so far with a decline low at 3.3765. This looks bearish at this time and potentially very bearish as a large bigger picture downside accereration could now be underway. Please keep in mind however that there are NO excuses here for the bearish outlook - it should keep accelerating lower and so far it has.
Prices are "allowed" a modest" short term oversold bounce here if bearish and that is likely what we are currently seeing - so far the rally attempt has bee weak. However, we should see no sustained rally back above 3.5375 if bearish, so we have an important level to watch that could change the outlook. Support at 3.44 and 3.4100, resistance at 3.4750 and 3.5375. Mike Drakulich

LME Copper (Intraday)
Posted On: Aug 7 2008 8:08AM ET / Aug 7 2008 12:08PM GMT
Last Price: 7695

ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)

Same view. LME COPPER the past few days has registered what appears to be a decisive break below the long highlighted key intermediate term support level at 7800-7820 - so far with a decline low at 7520. This looks bearish at this time and potentially very bearish as a large bigger picture downside accereration could now be underway. Please keep in mind however that there are NO excuses here for the bearish outlook - it should keep accelerating lower and so far it has.
Prices are "allowed" a modest" short term oversold bounce here if bearish and we may be seeing that with the recent action and so far weak looking rally attempt. However, we should see no sustained rally back above 7820 if bearish, so we have an important level to watch that could change the outlook. Support at 7585 and 7520, resistance at 7730 and 7800-7820. Mike Drakulich

Silver (Intraday)
Posted On: Aug 7 2008 8:03AM ET / Aug 7 2008 12:03PM GMT
Last Price: 16.65 SEP

Gold (Intraday)
Posted On: Aug 7 2008 7:59AM ET / Aug 7 2008 11:59AM GMT
Last Price: 890 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

GOLD is almost in exactly the same position it was in yesterday morning as it rallies off a modest new decline low and was trading mear 890, Well here we are again trading near 890 after yesterday's marginal new low at 880.50 and a second RSI divergence. The huge question remains whether prices will decline toward 850 as I outlined in last Thursday's video, for now I have to slightly favor that view but I am very alert that we could possibly bottom at a higher level. So far the recent rally is indecisive so its a tough call for now. Support at 887 and 882.50, resistance at 892.60 and 896.70 Mike Drakulich

Silver (Intraday)
Posted On: Aug 6 2008 1:01PM ET / Aug 6 2008 5:01PM GMT
Last Price: 16.56 SEP

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

Hmmm, very interesting here as SILVER did test its 16.4250 low (double bottomed so far) as I speculated it might and did register a higher 300-minute RSI reading - which might indicate a bottom could be forming. We are now seeing a decent bounce up to 16.55 so the plot thickens. I am going neutral here as I have to respect the downside potential to 16.00, but I also have to respect that RSI divegrence. We will monitor the "quailty" of this rally closely for further clues. Support at 16.52 and 16.42, resistance at 16.58 and 16.67 Mike Drakulich

Gold (Intraday)
Posted On: Aug 6 2008 12:58PM ET / Aug 6 2008 4:58PM GMT
Last Price: 886.40 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

Hmmm, very interesting here as GOLD as I speculated it might did register a marginal new low and registered another 300-minute RSI divergence - which might indicate a bottom could be forming. We are now seeing a decent bounce up to 886 so the plot thickens. I am going neutral here as I have to respect the downside potential to 850, but I also have to respect those RSI divegrences. We will monitor the "quailty" of this rally closely for further clues. Support at 885 and 880.50, resistance at 887.50 and 890.40. Mike Drakulich

Silver (Intraday)
Posted On: Aug 6 2008 11:40AM ET / Aug 6 2008 3:40PM GMT
Last Price: 16.48 SEP

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

SILVER appears on the verge of registering a new decline low. Note that silver could register a 300-minute RSI divergence which might indicate a bottom could be forming. Yet we have the wave count still suggesting a test of 16.00 is a good possibility - it's getting more difficult here. Also note that new lows could see both the HUI and GDX register a higher low, that would be a bullish sign if it occurred. Lets see if we get the new lows, so far we have failed by just a few cents so far. Support at 16.4250 and 16.36, resistance at 16.54 and 16.66. Mike Drakulich

Gold (Intraday)
Posted On: Aug 6 2008 11:37AM ET / Aug 6 2008 3:37PM GMT
Last Price: 883.20 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

GOLD and silver appear on the verge of registering new decline lows. Note that gold could register a second 300-minute RSI divergence which might indicate a bottom could be forming. Yet we have the wave count still suggesting a test of 850 is a good possibility - it's getting more difficult here. Also note that new lows could see both the HUI and GDX register a higher low, that would be a bullish sign if it occurred. Lets see if we get the new lows, so far we have failed by about half a dollar. Support at 880.70 and 869, resistance at 886 and 890.40. Mike Drakulich

Silver (Intraday)
Posted On: Aug 6 2008 9:52AM ET / Aug 6 2008 1:52PM GMT
Last Price: 16.62 SEP

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

SILVER's bounce attempt at this time has been weak as it trades near 16.62, not that far above yesterday's 16.4250. Bottom line is that I favor further downside toward 16.00 but I cannot rule out an important low could have occurred or could occur above that level. What would start turning me more bullish would be a sharp and sustained rally above 17.04. We really have to keep an open mind here and be willing to ve very flexible if we start seeing signs an important bottom may have formed.
One interesting possibility here given a solid early HUI and GDX rally would be a new decline low in gold and silver wit the HUI and GDX making higher lows - that would be a bullish sign. However that is pure speculation at this time and it is a tough call here, especially with the very oversold condition that has developed. Support at 16.57 and 16.51, resistance at 16.68 and 16.77. Mike Drakulich

Gold (Intraday)
Posted On: Aug 6 2008 9:49AM ET / Aug 6 2008 1:49PM GMT
Last Price: 887 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

GOLD's bounce attempt at this time is fading as it trades near 887, not that far above yesterday's 880.70. Bottom line is that I favor further downside toward 850 but I cannot rule out an important low could have occurred or could occur above 850. What would start turning me more bullish would be a sharp and sustained rally above 902-903 and especially 909. We really have to keep an open mind here and be willing to ve very flexible if we start seeing signs an important bottom may have formed.
One interesting possibility here given a solid early HUI and GDX rally would be a new decline low in gold and silver wit the HUI and GDX making higher lows - that would be a bullish sign. However that is pure speculation at this time and it is a tough call here, especially with the very oversold condition that has developed. Support at 885.50 and 880.70, resistance at 889.20 and 892. Mike Drakulich

Comex Copper (Intraday)
Posted On: Aug 6 2008 8:14AM ET / Aug 6 2008 12:14PM GMT
Last Price: 3.4505 SEPTEMBER

ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)

COMEX COPPER the past few days saw what appears to be a decisive break below the long highlighted key intermediate term support level at 3.5375 - so far with a decline low at 3.3765. This looks bearish at this time and potentially very bearish as a large bigger picture downside accereration could now be underway. Please keep in mind however that there are NO excuses here for the bearish outlook - it should keep accelerating lower and so far it has.
Prices are "allowed" a modest" short term oversold bounce here if bearish and we may be seeing that this morning. However, we should see no sustained rally back above 3.5375 if bearish, so we have an important level to watch that could change the outlook. Support at 3.4370 and 3.4135, resistance at 3.4790 and 3.5375. Mike Drakulich

LME Copper (Intraday)
Posted On: Aug 6 2008 8:12AM ET / Aug 6 2008 12:12PM GMT
Last Price: 7690

ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)

LME COPPER the past few days saw what appears to be a decisive break below the long highlighted key intermediate term support level at 7800-7820 - so far with a decline low at 7520. This looks bearish at this time and potentially very bearish as a large bigger picture downside accereration could now be underway. Please keep in mind however that there are NO excuses here for the bearish outlook - it should keep accelerating lower and so far it has.
Prices are "allowed" a modest" short term oversold bounce here if bearish and we may be seeing that this morning. However, we should see no sustained rally back above 7820 if bearish, so we have an important level to watch that could change the outlook. Support at 7600 and 7520, resistance at 7730 and 7800-7820. Mike Drakulich

Silver (Intraday)
Posted On: Aug 6 2008 8:03AM ET / Aug 6 2008 12:03PM GMT
Last Price: 16.75 SEP

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

SILVER is currently seeing a modest bounce off yesterday's low at 16.4250. Bottom line is that I favor further downside toward 16.00 but I cannot rule out an important low could have occurred. What would start turning me more bullish would be a sharp and sustained rally above 17.04. We really have to keep an open mind here and be willing to ve very flexible if we start seeing signs an important bottom may have formed. Lets see what the current rally attempt can do from its current 16.75 level. Support at 16.72 and 16.63, resistance at 16.77 and 16.90. Mike Drakulich

Gold (Intraday)
Posted On: Aug 6 2008 7:59AM ET / Aug 6 2008 11:59AM GMT
Last Price: 894.20 DEC

Dear Subscribers, good news: Elliott wave patterns in Gold and Silver are finally clearing up. Watch my latest video for details (July 31). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the feedback Box below the video.)

GOLD is currently seeing a modest bounce off yesterday's low at 880.70. Bottom line is that I favor further downside toward 850 but I cannot rule out an important low could have occurred. What would start turning me more bullish would be a sharp and sustained rally above 902-903 and especially 909. We really have to keep an open mind here and be willing to ve very flexible if we start seeing signs an important bottom may have formed. Lets see what the current rally attempt can do from its current 894 level. Support at 891.80 and 889, resistance at 895-897 and 902-903. Mike Drakulich

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The Elliott Wave Principle is a detailed description of how markets behave. The description reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific patterns in price movements. Each pattern has implications regarding the position of the market within its overall progression, past, present and future. The purpose of this publication and its associated services is to outline the progress of markets in terms of the Elliott Wave Principle an to educate interested parties in the successful application of the Elliott Wave Principle. While a reasonable course of conduct regarding investments may be formulated from such application, at no time will specific security recommendations of customized actionable advise be given, and at no time may a reader or caller be justified in inferring that any such advice is intended. Readers must be advised that while the information herein is expressed in good faith, it is not guaranteed. Be advised that the market service that never makes mistakes does not exist. Long-term success in the market demands recognition of the fact that error and uncertainty are part of any effort to assess future possibilities.