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Ok folks, the program says we have found the bottom of Wave 2.
It seems a bit early to me, but when you put the $XAU chart together with the following $NYA chart:
Then you say “Well, maybe…” If the stock market hits its target and then begins falling, that could be the fuel to propel gold higher. Time will tell.
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UPDATE AFTER MARKET CLOSE: If $XAU falls much below 78 (which looks probable) then this scenario has been negated. Next target would be 74.
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Ken, could you share the source of your EW program? TIA…
It is a program I bought a dozen or so years ago.
Here is their Facebook page https://www.facebook.com/elliottician
and their website http://elliottician.com/
How do you square the grey 1 up with the “ZZ” notation? Presume that means zig zag, which implies corrective move not impulsive.
I’m on an impulse down off the highs, soon to retrace. So no abc down for me.