Elliott Wave 5.0 "Reboot"

Friday, December 11, 2015

Gold Intraday Crash And Rally Review

Since I made this up, gold has already rallied back up to the $1078 price level. It has a long way to go as gold has to clear my short term "B"wave and then my bigger degree "A"wave. Minuette degree. 

This is also the exact same setup as I would get for an impulse so the type of pattern in the next leg up will help determine the difference.  It is never that easy as easy wave counts are wrong more that they are ever right. Will that $1046 price level hold? Only if the bullish rally is much bigger than what we think is going to happen. 

My rough calculation would add on another $42 ($1105) if another simple "C" wave was in progress, but if we were in another impulse then we can look at adding another $110. (2.618x$42) 

If the wave count falls apart much, sooner or I no longer can make them fit, then all bets are off and  all the price forecasts turn out to be a bunch of useless numbers.  

There is also a good chance that the 2011 peak in gold may be my Cycle degree wave three tops so chances are you will see me post it more often in 2016.