Elliott Wave 5.0 "Reboot"

Friday, March 4, 2016

Gold Intraday Bull Market Review



This is the March gold contract and for this wave count I dropped everything down by one degree. I have to do this to see if I run out of degrees quicker. If I run out too soon then I may have to adjust up again.

We are only $125 away from a potential  $1400 price target and so far the impulse sequence that started on February 22nd is still playing out. For the impulse to be true gold has to keep performing like an impulse, but the 3-4-5 waves will start to take over. Nothing will derail a true impulse so it is very rare that we get to enjoy one when they do arrive.  I'm not going to give you some pie in the sky move to extreme new highs as this could be just a "C" wave move. 

We may know more once this moves starts to exhausts itself.  Any move like this should give us more warnings when it is going to die, and some of the things I will look for being, triangle and diagonals. 

 It would all have to coincide with higher and higher gold forecast numbers as the analysts will trip over themselves to come up with the next great forecast. Once we hear some number being repeated many times, then we could be getting close to another strong top. 

I don't have time for many updates this morning but will try and catch up later tonight and early Saturday.