Elliott Wave 5.0 "Reboot"

Friday, February 5, 2016

Gold Big Intraday Chart Review: Heading For The Moon Or What!

Gold is on a rip snorting move that reflects fear more than common sense and it has been going into a vertical accent. This can't last and a correction should be due and it is this correct that will determine if gold is going much higher. I have not noticed and gaps that formed which is a good thing. 

It is impossible for me to fit this run from the December start into a clean impulse, which has now lasted close to 8-9 weeks.  In that time it has moved about $124 or so which works out to about $15 per day.   It was that January low that really broke the impulse wave which tells me gold is still in a bearish rally even though it could be a rather large bearish rally. Only time will tell when it truly corrects. 

I will be busy for the rest of the day so any more updates will have to wait.