Elliott Wave 5.0 "Reboot"

Thursday, March 31, 2016

Gold Daily Chart Bull Market Review: Bad Moon Rising

As much as I hate to say it, but this gold run can also be a fake because it's unconventional start it had from the bottom of November 2015.  Even silver had a very ruff start so I am sure it will also get completley retraced in due time.

This top is now looking more and more like a contained ending diagonal, and any ending diagonal  you should never be ignored.  We should still see a new bullish high, but how high will have its limits, sometimes they don't even reach the upper trend line.  We should hit $1280 but then $1290 would be starting to push it. 

This is the only way we may plan ahead as closing off any long positions would be wise  when gold gets to a double top, and then building a short position would be much wiser.

I know this may not be a popular assessment, but Elliott Waves are never popular with the crowd for very long.  This will also match gold stock, ETF so it would also be time to unload at the time. 

I always want to maximize any run, fake or real as fake paper profits can be sold and turned into real hard cash. 

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