Elliott Wave 5.0 "Reboot"

Wednesday, February 10, 2016

Quick Gold Intraday Review

Gold has not dropped down as I thought it might. It produced a sideways pattern that indicates gold can make another leg up even though it may be a very short leg, or with an ending diagonal.

This move is not a clear cut triangle at this time and it may even be the start of an ugly decline much like the stock market has put us through in the last year or so.  I am showing you a Submicro degree top which is scraping the bottom of the degree barrel. 

Can gold push the top trend line? It sure can but time will have to settle that answer.  
Interesting enough gold recently peaked on Monday which was also new moon.  The full moon in February usually produces the most snowfall as well.