Elliott Wave 5.0 "Reboot"

Tuesday, January 26, 2016

Gold Intraday Review: Is It Time For A Correction?

Gold has finally cleared its last major Jan high and is now approaching my top trend line again. 

I have labeled this as a triangle, but any bigger diagonal move will blast right through my trend lines. For the last two months, gold has been on a choppy ride that does not fit into any great impulse wave, so I have to keep my options open that gold may be trapping the bulls once again.

Gold can crash $70-$80 with little problem, if the herd wants to jump back into the general stock market again. The HUI has also charged up, but left several open gaps in its wake which should get closed off as well. 

Silver has fallen and can't seem to get up or  keep up with gold, which tells me silver is not confirming anything that gold is doing.  What else is new? Silver has been rather indifferent to gold for a long time.