Loading ...Gold EW Cycle wave b complete ??
One of the EW count calls for cycle wave b is complete with gold’s turn at this important price level.
If this count is working out than a major trend change has happen with break from the channel with close below 1300.
Next two to three years will lead to price below 1045 for cycle wave c completion.
I am not hoping for this. There is an alternative bullish count also which has less probability.
“Both a Shooting Star on the weekly chart and an Evening Star on the daily chart indicate a high may be in place. Next, a close below support at 1,300 and a breach of the blue channel on the daily chart are required for confidence in the preferred Elliott wave count.
Expect downwards movement to continue. ”
Pedro post was a warning???
How fast ubiquitous Bullishness turns to Ubiquitous Bearishness in the God Forsaken market.
EW is not my forte, but this move up in Gold was long and steady and did not to until Week 27 so the Cycle norm is that we should see a higher low at the next ICL (i.e. higher than August 2018), followed by a retest of the recent high at the very least (I am looking for a higher high).
Should read “…did not TOP until Week 27…
It would help if EW proponents could agree. I’ve seen recent EW analyists saying gold price is headed up above $1500 soon.
I like Sam’s work. He’s consistently GOOD. Not perfect.
I get no compensation for sharing his every now and then.
And he doesn’t accept any compensation anyhow.
He doesn’t want to post here or elsewhere.
I try to stay on top of other EWers, because no one is always right. I want to see the ALTs.
And I usually post Sam’s either because (a) it lines up with my work, or (b) whether it does or doesn’t, it offers a warning of big losses for longs if an EW count forecasts a large decline.
Sam is on a fresh, modest down leg (last leg E of triangle B of larger B), then the bookend to the Super Rally from 2016. (C of large B)
We’ve been in a B of B since 2015 … fickle bastards B waves are …. fits, right?
Then Chicken Little hits town, for real. Start of C down. (Next winter.)
See my LT wave count under Keepers from way back. Its still tracking.
What do you think of Avi Gilburts work? It seems he sees a smaller leg down in gold/silver then a large leg up beginning this Summer? His analysis seems at odds with Sam’s work. The same can be said (although not E wave) with Mike Oliver who shows based on momentum metrics gold/silver/gold stocks have already broken out and price will follow. There seems to be great divides between different camps, which is really frustrating! Does Same see the general markets climbing much higher in the years to come … seems very long in the tooth.
But even he has begin to “waver” recently…at least entertaining the idea of another leg down after 1500ish. Henrik is looking straight down…and I cant discount that because of the dates we topped in…ominous stuff there. IMO if there is another big leg down the miners need a higher perch from which to dive from but that’s not promised…XAU bt a big pattern cleanly and if it shits the bed we could all look back at how obvious the chartology was. People are at odds because from my pov every scenario is absolutely plausible here. Currencies support further gold bear but they could put in a 4th point in a bigger bear flag. I don’t ever underestimate gold fuckery…if GLD fills the weekly gap at 161 i’m liquidating everything just in case 890 is coming next. If metals are rising furiously into the last week of June 2020…I sell everything also…but remain open to a high into the election….but again a low into those dates is also supported. perfectly tricky