Loading ...Gold – Putting The Pieces Together
Don’t shoot me down in flames here. I’m stepping a little out of my comfort zone, and attempting to see how this might all fit in with Elliott Wave theory. Firstly, I believe a logarithmic price scale is appropriate here because of the stage we are reaching amongst the FIAT currencies of the world. Here’s some Elliott Wave basic principles (taken from Wikipedia)…
Fully’s Edit:The graph was too large for the post and ran off the page….blocking all postsPlease see if it ca be reformatted
Northstars Edit: Apologies. I left the Elliott Wave explanation off this time and I’ve tried ‘thumbnail’ for the chart. Should enlarge if the reader clicks on it.
Well played sir NS!
Thank you very much for this posting and especially for the original version, which unfortunately I did not save.
As is often the case, I nearly wrote today, as I have before, that if you had a subscription service I’d likely subscribe.
That’s nice of you to say Karl. I wish I had the time, but with a full time job, family etc etc, I wouldn’t be able to do it justice all the time. I enjoy it though.
Key assumption at 2000 is that the count begins at “0” there, from gold near 250/oz.
Everyone counts 5 waves up from 2000 to 2011. No argument.
But that fiver sits INSIDE a larger pattern (Elliott is FRACTAL), that dictates what is to be expected after 2011. That larger pattern REALLY matters … critically.
So … was 2000-2011 the fifth impulse in a larger sequence? the third? or the first as you have it? Clearly, the 1970s impulse from lower preceded it, ruling out your 0 at 2000 (at the higher degree).
And most see 1980-2000 as a large corrective 4. And so 2000 begins larger 5. Making 2011 a 5 of 5 (not 5 of 1). Context matters.