Loading ...Gold Intermediate Cycle
When will Gold find its next 5-6 month Intermediate Cycle Low (ICL)? That is the key question. Certainly most TA indicators show oversold, but I have stated repeatedly that based on Time, we may see one one more Trading Cycle Low into mid-November.
Norvast and I had identified Monday, Oct 10 as a potential turn date. It appears to me that this will likely be a short term TC Low but perhaps not the longer IC Low most are looking for. Time will Tell.
Gold’s price action today was rather uninspiring given that the USD may have found a short term top. That uninspiring price action has been fairly constant since Gold found it’s Intermediate Cycle top back in early July. My 1st chart below shows that every uptrend since then has topped out after 6 days or less. My second chart shows some of my key cycle trend lines. Blue and Red are Cycle uptrend and down trend respectively and the smaller Green lines show the last two Trading Cycle uptrends.
Previous update:
“we have see one one more Trading Cycle Low into mid-November. …. Norvast and I had identified Monday, Oct 10 as a potential turn date. It appears to me that this will likely be a short term TC Low but perhaps not the longer IC Low most are looking for.”
Yup. A few posts back, I presented Sam’s wave count for HUI where he called for a very deep retrace of the rally. Almost 100%.
But we’ve already gotten a near complete ABC correction off the highs. How do we resolve that in EW terms (validation in my way confirming stuff)? Because my system sees what you see, just differently.
As I proposed to Sam, and also in conjunction with Brad Gungeon’s esoteric CosmoGann style work, I’ve proposed and abc x abc (double zig zag decline).
A sharp rally soon (and iv and v of C down). That will completely reverse. TWT.
edits to the end
.. an abc x abc (double zig zag decline). A sharp rally soon (after iv and v of C down). That will completely reverse. TWT.