![]() ![]() Supposedly the Dow has an Elliot Wave pattern initiated by QE that started in 2009. Looks like we may be heading that way.Ĭould someone with Elliot Wave experience please post a chart and tell us where gold is headed. ![]() GLD shows the same weaknesses with gap(s). If there was a reason to go deeper, that's one of them. He has since passed away but his ideas haven't. Analyst Howard Katz first commented on that back in 2010. ![]() ![]() My own thoughts are that gold has a weak spot in the spot gold chart at $1040-$1044 (or even $1033-$1044). Quad G has both long term bull and bear counts. The current PM market patterns seem to favor both East and West in a win-win situation. When they are done stacking, then things can change. The Chinese and other BRICS are stacking physical gold. Imo trying to predict $675 gold on just a H&S pattern is sort of nsidering how low sentiment currently is and how this 4 year correction stacks up with some of the worst of all time. only to immediately reverse course after all the stops are gathered up. They've also been very good at diving through key support/resistance lines, necklines, Fibs, etc. The big boyz and their algo's have been building/painting those chart patterns for the entire flock to see. Only the bankers probably know what the low is going to be and when. And if you look at their trading account balances (public views) it has cost them dearly being short in late 2014-2015. Rambus has been calling for $725 gold and 100 HUI for much of the past 2 years. Very large gold gap at $1153 is the deepest one remaining from the March bounce off $1142. But such a flush would likely be the last panic sell, similar to the crazy move that many of us witnessed back in October of 2008.ĭo you think this is the start of the flush. I also see a chance for the price of gold to take a very scary plunge down to 1017ish, possibly inside the next couple weeks to no later than the end of April, if the price remains below 1195 in the ST. We are most certainly trending down into that turn date: I should also remind everyone about the 21-22 month cycle in Gold, the next iteration for month 21 is this month of March, 22nd for April. Actually, the more violent this current plunges becomes the more likely that the market will produce a major bottom sooner rather than later. I think it is possible to see GDX under 16.00 before the end of March, but unlikely to move below 12.20.įor now I think it best to keep hedges on and watch for another possible bottoming attempt later this month. At this point in time the trend looks bearish while below 20.08. This suggests that the move up from 16.45 last November could be just a 3 wave correction to the upside. That dashed blue line on the GDX chart is clearly broken. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
February 2023
Categories |