Elliott Wave 5.0 "Reboot"

Friday, March 11, 2016

Gold Intraday Crash And Potential Bear Trap!

A great looking impulse waves crash, Right? This could also be a bear trap because the 5th wave was so steep.  I counted the crash out as an expanded move, and right or wrong, you never want to miss the bottom. This type of move can reverse so fast it will make your head spin, and would also be a prime example of trying to catch a falling knife. 

As we can see we have some wild spikes in both directions and we just might get another one  heading right back up. In the end there is no way of knowing, but chances are good gold will return to the previous sideways price action.  Wild swings like this is also telling us that a bigger potential trend change is going to happen.