The B wave appears to be almost complete. I still hear a lot of pros saying that this is the surge that we have been waiting for and that we are only going higher now. We will see. That being said I do believe that we will drop into the yearly cycle low. There really isn't anything to add. My previous gold post from a couple weeks ago is still how I see it. The only thing that may have changed is the date for the bottom. It may extend into January at this point. I think in the next week or two we should see who is correct. Unfortunately Jnug was not that strong with Fridays move higher. Is that a foretelling of the impending drop? Could be. We will see. GL
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Somebody asked me a question about what the heck is going on with gold so instead of just replying to that person individually I will post my reply public. I have stated this once before a long time ago but it’s worth saying again.
Yes. USA. I know this will sound like a simplified and ridiculous explanation but If you were to read back to my other gold post where I said that we are in a series of larger three-wave corrective patterns that started at the beginning of this year then you would understand that we still need to complete this three-wave pattern down. And that coincidently lines up with the yearly cycle low which is due sometime in late December or maybe even January. I have seen bold go in the opposite direction that it is supposed to. For example I have seen quite literally a whole week of great economic news which should pyah gold down but instead gold went up due to the fact that it had just started a new cycle. And then there is Elliott wave which can be difficult to decipher especially when gold makes a move like it did this last year but now I think it makes sense. I don’t know if that helps but I pay less and less attention to economic data and news and more attention to cycles and Elliott wave and technical analysis to help me swing trade because I do not daytrade. I have found that when gold is waiting to complete a pattern in conjunction with where it is in the cycle, it is simply waiting for the right data and or news to help it move in the direction that it needs to.
@giuseppe.grande, that would take a lot of time. Please read my earlier post from a couple weeks ago for that type of explanation. I went into more depth back then.