Elliott Wave 5.0 "Reboot"

Thursday, February 4, 2016

Gold Intraday Review Still Heading North For Now!

I am using the April contract with gold and I will be using the April contract with WTI. Too far out throws the gold/oil ratio out dramatically. The gold cash contract works very well, but I always look for the chart that has the most volume in it. Volume can make dramatic shifts as well, but overall I am always looking for  consistant chart filling. 

Gold has gone beyond my top trend line and many times  I would panic and adjust. There is nothing to adjust to just yet and since I have many waves, we could be in a diagonal wave, and my "ABC" in Minsicule degree would be about 1/2 way.  I have also shown some Micro degree waves, but unlabeled waves are still visable, which would be Submicro degree waves. 

In other words I am scraping the bottom of the degree stack. Gold may not make my target of $1190, which the daily chart will have to be checked.