Elliott Wave 5.0 "Reboot"

Thursday, March 10, 2016

Gold Intraday Violent Moves Review



There still may be some upside left, but this gold rocket move is very steep in its angle and usually this momentum cannot be maintained. All general impulse wave counts have been crushed, so an alternate wave position would need to be worked on.    Either way gold seems to show us that a diagonal pattern may be in progress so we can expect more of those wild swings. Wild moves also tell us that a trend change is happening, and the best move could be that we are in a bigger triangle.

 It will be interesting to see if gold breaks to a new downside below $1238.  Sure Europe has much to do with it, but the fundamentals will never tell you anything useful when trading the intraday moves. 

All stocks have to do is move another leg up and gold will come crashing down once again. 

What I would be looking for is a great looking "ABC" crash, then another leg up could happen. 

Of course we could have just had a zigzag crash in which gold would move above $1280 one more time.