GOLD - Monthly & Weekly Linear Charts
I've changed my opinion on gold from longer term buy to longer term sell.
This will include multiple charts. See below...
This Monthly chart has my revised Elliot labeling. As you can see I now believe we are in the beginning of a "C" Wave. These can be nasty waves to be on the wrong side.
I believe the double top formation was the culmination of an irregular B wave. This suggests the C leg down has begun.
Monthly Gold chart with two Pitchforks applied. There are two median lines converging, the .236 Fib retracement level and the .786 Fib channel level. I am anticipating this will be of interest for buyers. It will likely be a good long for shorter term players.
WEEKLY Gold - This chart shows my anticipated path for gold reacting off the median lines. Obviously pure speculation at this point but I would look for a bounce to the proposed median line labeled as the sell point. This is roughly @ the .618 retracement. You don't want to be holding this longer term as the ensuing decline will take years.
I've changed my opinion on gold from longer term buy to longer term sell.
This will include multiple charts. See below...
This Monthly chart has my revised Elliot labeling. As you can see I now believe we are in the beginning of a "C" Wave. These can be nasty waves to be on the wrong side.
I believe the double top formation was the culmination of an irregular B wave. This suggests the C leg down has begun.
Monthly Gold chart with two Pitchforks applied. There are two median lines converging, the .236 Fib retracement level and the .786 Fib channel level. I am anticipating this will be of interest for buyers. It will likely be a good long for shorter term players.
WEEKLY Gold - This chart shows my anticipated path for gold reacting off the median lines. Obviously pure speculation at this point but I would look for a bounce to the proposed median line labeled as the sell point. This is roughly @ the .618 retracement. You don't want to be holding this longer term as the ensuing decline will take years.
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