Sam (EW) on Gold
After a bit of firm nudging from yours truly in recent days thanks in part to Ranchida’s two posts — which came on top of several other notes of warning in early Sept that we were unlikely to be in C up yet — here’s Sam’s update from last night.
I have a s/t bounce for the sector coming sometime this next week …. could be a bit more substantial than the retrace shown here.
PS – the stub D wave in the triangle does look suspect to me … but the pattern should clear up by that time as C down unfolds.
Thanks Pedro. This looks very believable. The drop through the end of this year matches up well with the high readings of the COT’s. I was called the Grim Reaper for my post the other day 🙂 – hope it goes better for you.
Thanks, Ken. I’ve been embracing tags like that since the days when I had hair.
Badge of honor.
All eyes should really be on bucky, for the most part.
What happens will be FX driven.
Thanks for the update Pedro. This ties in well with the December 3rd Bradley date as a possible future low.
Sorry guys, but this EW counts change too often for me to be reliable for me. Prefer to use general technical analysis. Regarding COT, I agree this is one of the better timing tools in a bear market and bear market rallies , I doubt however if it was usefull in the 2001-2011 bull market.
Thanks for the update Pedro. This ties in with the next Bradley date of December 3rd as being a possible major low
If the dollar drops to the 80 region in the next 6 months as I suspect it will, I can’t see gold remaining in the low $1300’s.