Elliott Wave 5.0 "Reboot"

Monday, March 14, 2016

Gold Intraday Crash Review: Is The Party Over Or Just A Correction?

I had an attack of the gray screen gremlins with my iMac in which it refused to boot up for the last few days. I managed to get a hold of some sheets on the startup sequence buttons to use for a safe bootup. None of them worked, or let's say I didn't use them properly. I managed to get one session up and running, and used all my tools to scrub, clean and the main HD. Something did happen, but I have no clue what it was, but the system seemed to have started more than 5 times in a row. 

I think these problems will happen again until I can bring the unit in to get benched and checked out. 
But this is not going to happen at this time. 

We will have a look at the gold decline which anyone would call a crash even if it just may be a mini crash.  That long choppy rally we did have in the 3.5 weeks or so has been a choppy ride, which could be one of five core patterns that I use.  If this move was a diagonal we could be doomed to a much bigger decline, but a triangle "B" wave would be another story.  Before that happens, gold will still need to fall below to the $1200-$1180 price level,  before it turns. 

That would be great even if we were in a false bullish phase as we could tag on another $200 run from any impending bottom.   I don't believe we are in some new secular bull market in gold as gold has left silver in the dust. Some of the gold indices need to correct if there is further upside as no market can keep up a vertical move for very long. 

If this turns into a single zigzag, then that would help make the bullish case. If it is a true bull market or a false bull market, the idea is to milk each run for all its worth and that has many uncertainties with it.  True bull markets will be relentless in their advancements and basically a bit easier to count out, but bear rallies can fool us all the way up.