Hi Traders,
Yes, I got it wrong on Gold. I tripped over a common mistake with Elliott Wave analysis. BTW, the new uptrend is in full steam and the limit seems to be only the sky.
TARGETS
1) $1433-35
2) $1475
2) $1525-35
ELLIOTT WAVES
The monthly and weekly charts show the beginning of a new uptrend. At present the closest targets for a retracements is the area $1427-$1441.
Note the ABC retracement from $1922 to $1046. This looks very much like a Cycle or Supercycle wave 2. If this is true, Gold just started a new very long wave 3.
It also means that people are divesting from their investments in shares, bonds and even cash to buy Gold as a safe heaven. Given the expected length of the unfolding wave 3, this period of economic uncertainty and instability may last quite a long time.
Monthly Chart - click to enlarge
Weekly Chart - click to enlarge
Daily Chart - click to enlarge
4-hour Chart - click to enlarge
Yes, I got it wrong on Gold. I tripped over a common mistake with Elliott Wave analysis. BTW, the new uptrend is in full steam and the limit seems to be only the sky.
TARGETS
1) $1433-35
2) $1475
2) $1525-35
ELLIOTT WAVES
The monthly and weekly charts show the beginning of a new uptrend. At present the closest targets for a retracements is the area $1427-$1441.
Note the ABC retracement from $1922 to $1046. This looks very much like a Cycle or Supercycle wave 2. If this is true, Gold just started a new very long wave 3.
It also means that people are divesting from their investments in shares, bonds and even cash to buy Gold as a safe heaven. Given the expected length of the unfolding wave 3, this period of economic uncertainty and instability may last quite a long time.
Monthly Chart - click to enlarge
Weekly Chart - click to enlarge
Daily Chart - click to enlarge
4-hour Chart - click to enlarge
