Elliott Wave 5.0 "Reboot"

Wednesday, March 23, 2016

Another Gold Intraday Crash Review: Is There More Life To This Party?

From about the 15th of February we had one ugly pattern that I can only fit into an ending diagonal type move which terminated in the early part of March. Then a deep crash and a rally soared to new highs. This is all part of a potential triangle wave 4 decline, which would produce a new thrust to the upside. If this happens then this 5th wave could be very choppy as well and even signal in a major correction or a new bear market low where you don't want to be holding any gold stocks.   

When a triangle is involved and the thrust is finished we must also change degrees, if we like it or not! It is usually higher by a minimum of one degree, above the highest degree I have been using and many times two degree levels higher.  From my perspective triangles deserve a lot of respect. 

Sometimes 5th waves can be very extended so we want to make sure we milk this run for as long as we can. Don't count on price to help you to pick a top as prices are mythical inventions made up from mythical wave counts.   

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