The USDCHF is poised to rise as it finds support at prior resistance. In 2011, I believe we started Elliott Wave 4. If I am correct, then USDCHF has very much further higher to go. Gold and oil should fall from here.
The 3 day chart shows XAUUSD has broken the trend since December 2016. In the big picture, The downtrend that started in July of 2016 has resumed and I believe we will eclipse the December 2015 low. According to my interpretation of Elliott Wave theory, July 2016 started Wave C of the downtrend and the decline that started April 17, 2017 is fractal C within wave...
XAUUSD is in trouble. I believe this trend line violation starts the retest of the 2016 support, which will fail. I adhere to Elliot Wave Theory. I believe we started the C Wave in July 2016 and starts the C fractal of Wave C late February 2017. Today's trend line violation ended the retest/confirmation of fractal C resistance.
Former uptrend support moving average for NUGT should function as current downtrend resistance. The next leg of the downtrend should extend significantly below the 2016 low. IMHO, a reverse split will be required. XAUUSD is also facing technical resistance. All of this should be good news for DUST.
