Loading ...Gold IC Trendlines
This chart shows that Gold’s Intermediate Cycle (IC) has very likely topped. The RSI and Slow Sto showed some early divergences which caught my eye. The blue line is my IC Uptrend and the Red is the current IC Downtrend line. The good news is that I am expecting this IC to be rather mild with perhaps only a 38% but more likely at least a 50% retrace into early to mid-April when I am expecting the next IC Low. I mention the 50% retrace as more probable because usually the IC Uptrend line is tested or broken (usually but not always).
If my red IC Downtrend is correct, price breaking to the upside usually signals a new IC.
The Miners have diverged from Gold’s Cycle, IMO and may just chop into a sideways “consolidation” low.
Time will Tell. 🙂
Added: Some channels I am watching.
Thanks for the charts SS!
Surf’s Up !
Sharp !
Lets watch this unfold
Bracing for 2 to 3 weeks of weakness in Gold to possibly 1200 or 1180
Nice chart Surf. There is a DC change for gold and silver tomorrow along with daily PCs for the rest of the week. This is confirming the dollar low and euro pressure. Yes will be interesting to see how low we go.
Lady Athena, So nice to hear from you! Glad to have your insight on Armstrong’s indicators added to the mix. What are his views on the Dow & SPX these days? Is he still expecting a Slingshot move soon or perhaps more downside first? TIA
Surf, excellent job you are doing! So glad to see the cyclical side so everyone can stay on the right side of the trade. To be more specific, right now there is a PC for the BMs, Mar 28 & April 4 week. The “dance”, as MA calls it, between gold and silver converges on the BM as you know. So it’s important to watch each date respectively…Mar 28 for gold and April 4 for silver. It actually does not appear that will be THE bottom. The week of April 11 & April 18 are also targets. Just review how gold bottomed in December as a guide. As we get closer a target day will reveal itself. This will be very interesting to watch.
MA is quite mum about the markets these days. He is trying to launch Socrates and has some difficulties porting. The expected launch for traders is June now. Ugh! As for the DOW, R is 17750. A close above that (weekly) elects a bullish reversal and then we are off. It does not look like that is going to happen though. In terms of timing its too soon as MA has suggested this whole bond business implosion is pushed out to 2017 now. But note: the DOW and the SPX are showing a PC Mar 28 week and a DC April 4 week.
It does appear the markets are rolling over in this time frame.
I look forward to your posts Surf…really helps in keeping up with everything. I’ll update soon with any changes.
So sad for Brussels. I love Europe and hard to see what is happening there so aggressively. My best to M as well.
What is PC? BM?
Thank you for the information!
PC = panic cycle; BM = benchmark.
Thank you Athena, very much appreciated.
Is a PC the same phenomenon as a ICL blood bath phase..?
Graddhy, My take on them is that Panic Cycle usually occur during blow off moves at Cycle Highs and Lows. In Elliott Wave theory this would be when the full force of an EW 5 is underway.