Elliott Wave 5.0 "Reboot"

Tuesday, March 22, 2016

Gold Intraday Slump Review

Right now gold is not looking so good as it has slumped much deeper that I would like to see from a 4th wave correction.  The only way this can turn in the short term is if we get a 5th diagonal wave pattern.   

From the  peak on the 11th and the drop down to the 15th bottom  sure looks like a zigzag so any "ABC" crash should technically still get completely retraced. This means one more new bullish phase high should happen.   Stocks have pushed higher so it is understandable that gold has dipped. 

If we get a big dip in stocks at the same time that gold is pointing up, then a reversal can happen and gold would crash on a much bigger scale.  Mind you the US dollar would be a big part of that as it would then have to soar as well.  

A stock mania attack is always a threat once stocks have made a deep decline.  On the intraday level this is much harder to judge or spot beforehand, as the two will pass each other when wild swings are in progress. 

$1242 would be critical support and the last hope for a small degree 4th wave bottom. Elliott Wave analysts are also human as I use many emotional words with my descriptions. Reading other wave analysts work can be so dry and boring that I find it extremely difficult to digest the majority of the time.   I read other Elliott Wave Counts to see what they have been smoking, as I am sure $5000 gold will get regurgitated again and again at the next gold extreme.  

I may also have to adjust my Primary degree 4th wave bottom by knocking it down one degree. 

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