How well you do in the market is really all about perspective, isn’t it? I’d like to show you two different perspectives on our rally since January from my Elliott Wave software. First is the view I have been focusing on since shortly after our bottom in January:

2016-rally

However, after hearing a number of people questioning if this rally was all it seemed to be, I decided to look at a longer time frame – to take a little longer perspective and see what it said. I was a bit surprised by what I found. First, here is what the software said about Gold:

gold-correction

Next was the $XAU index:

xau-correction

Do you see how the bullish perspective in the first chart is now just a smaller piece of the last two overall bearish charts? Perhaps this is what some of the folks here have been trying to tell us. Maybe this correction is not really over? I believe Armstrong is still projecting ~$800 gold.

Now for all my normal caveats – the software is far from perfect. I am not saying this is going to happen, but I thought maybe I should show a possibility that is not being considered by most on this board.