Elliott Wave 5.0 "Reboot"

Thursday, March 3, 2016

Gold Intraday Review: Just Crank Me Up!

We are in an upside breakout situation which would be a warning sign if we were at any other point in a wave progression. If the impulse wave is true, then gold has to perform as we would be in the strongest part of an impulse move.  We only have $140 or so go to hit $1400, but this still seems so far away at this time.  

We know that gold can move when it wants to but what we really don't know is if a secular bear market has still to play out. One big rally does not make it a 5th wave trip to the moon, as we could just be on a rise to another "B" wave like a top.   Expanded patterns can happen with any "B" wave correction, as this entire move had a questionable start.

I will not have time to post much this morning or Friday, but I will get in as many as I can later in the day and some on the weekend.