Elliott Wave 5.0 "Reboot"

Wednesday, January 6, 2016

Gold Intraday Rally Review: Fear Investing?



Gold did do what I hoped it would from my last update, but I think this wave is an extended 5th wave.  I would be looking for a correction or a trend change as we can't be so lucky as  to have a full blown impulse on our hands.  I am showing you a bearish rally, but it would have to fail dramatically if the impulse scenario is real. 

I would choke if this were a 1-2,1-2, 1-2 wave count and if it were, then gold must perform in a fashion befitting an impulse pattern. Any correction could take gold back down to the $1075 price level before it cranks up again, but if this is another fake run then a new bear market low should happen.  

The high for gold in 2015 was about $1305 with the low hitting just under $1050. It is not a sure thing right now, but sooner or later the low for 2016 will be completed! Right now we have about a $1061 price low for 2016.