Elliott Wave 5.0 "Reboot"

Monday, January 25, 2016

Gold Intraday Review

Gold has also broken its impulse wave pattern when it dipped on the 14th of January. Sure, it is still going up, but it is struggling  just like the US dollar is. Right now I am working this as another zigzag type pattern, but then gold must not travel to new highs in the short term, if it were to match my 5 wave looking impulse.  

In a short fit of madness gold could drop like a rock and head below $1048 in a 3 wave crash which could bring gold to a longer term bearish end.  Even after that it does not mean that gold is going to $3000 in a super bull move. My last consensus report on gold does not confirm this to my liking as we need a much lower reading than 28%. Besides silver has not confirmed a single move that gold has made. Silver couldn't care less what gold is doing as I can see silver still breaking to a new bear market low in the coming months. (Below, $13.60)