If this breakout holds, I think it confirms the beginning of a new Bull Market in commodities
in general which will subsequently result in real price inflation, thereby fueling Precious Metals
to unknown heights .
Disclaimer: trade at your own risk
A truncated fifth wave is often followed by a swift and sharp reversal ... :)
The world gold community should probably fasten their seat belts now, and get ready for an end of the year upside ride!
Some Bag Holders will continue to wait for 1180 and price below 1000 ...
It is possible that we had a truncated fifth wave to end this pullback.
Since last week, we are still climbing higher here and it looks like we are struggling to take the 200 DMA at 1270.
On the daily chart, last week we had a Bullish Harami. We can see five waves up from 1245 to 1274. Now we can have a small ...
The pullback is still looking a an a-b-c correction (zig-zag).
On the weekly, the 50 DMA is at 1229 and will probably provide support for the next leg down to end this correction.
Last week, we made a consolidation for Minor wave 4.
Look for termination when wave5 has completed at least five fractals in lower time ...
In my opinion, we are still in a pullback since the beginning of July. The correction looks like an a-b-c (zig-zag).
We are actually in the last wave to end Primary 2. Possible Fib. retracement from the top are
1250 (38.2%), 1211 (50%) and 1174 (61.8%). Actually, 1240 equals 162% of wave-a ... On a lower time ...
The triangle is still in play. The consolidation is taking the form of a Complex Correction (w-x-y).
Gold can drop to the 1310 area to complete wave "e" of this triangle. As long as we stay above 1300,
this structure is still valid.
Gold and Silver are now sitting on the lower trend line probably to shake some weak ...
The consolidation from July is looking like a Complex Correction ending with a triangle.
We may be in the final leg down before turning higher … or not.
Today we made a low at 1318. It's still possible we go lower near 1310.
Complex correction: https://s12.postimg.org/xufms1y8t/complex.jpg
This is my EW count for gold and silver. The blow-off top in silver makes me think this correspond to a wave (5). Typical of commodities …
If you look at the chart of gold, you can see the struggle with the 2011 trendline and the lower trendline. Price is just been squeezed right at the corner.
We have coiling ...
We had a 50% pullback in golsd at 1327. This can be the end of Minor wave 2 (Blue).
IF the count is right, we can start Minor 3 of Interm (3) of Primary P3 up to 1585.
We alson have support at the lower trendline near 1315.
Invalidate count at 1302.3.
Be right and sit tight ...
Bounce at the lower trendline. 38.2% pullback from the top of this Intermediate wave (1).
We have embarked on here in a long, long, rough journey . This is a long ride just starting to unfold, a long journey, which will run for as long as it takes to win the battle. As long as it takes.
Invalidate at 1200. Target ...
Options expiration in Silver today and Janet speaking at Jacksonhole tomorrow are never going to be bullish for PM’s. I would be more worried if PM’s were rallying into Friday to be honest..
Confidence in the Central Bank’s leadership has dropped. Forget the rate hike in September.
For me, the last weeks in gold ...
To quote Jesse Livermore:“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It was never my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!”Until the market gives me a clear contrary indication, I will ...