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: s12.postimg.org
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 price action that is soon to face the moment of...
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 1437 and 1585
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 were pure manipulation again. Thank you jawboning...
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 continue to “sit tight.
This setup is very bullish...