Elliott Wave 5.0 "Reboot"

Saturday, April 2, 2016

Gold Intraday Price Action Review: Just Barely Hanging On!




On Friday, gold plunged in price to the point where we would have had to call in Weird Al Yancovic, to help put a heartbeat back into this pattern. When need a pulse and preferably a 5 wave impulse, to keep this bullish run alive. We had next to no room to spare, but gold gave us a sign and reversel

Now gold has to keep going north to the moon,  and clear all of this mess of sideways overlapping wave structures as they contain two sets of "ABC" crashes.  It may also be that I will definitely have to change my wave 1 in the Subminuette degree, to an "A" wave in Subminuette degree as I am counting this as being inside an ending triangle.  

My highest degree at the tops is a Minute degree, so everything that follows this Minute degree, must remain within one degree or lower and cannot be allowed to fall out of sequence.

I believe gold is not on a mythical secular bull market as that is just too simple and easy to say.  Besides patterns rule the markets not the logic or common sense, we may think we are using. 

If the gold bull market were a giant popular tree and everybody believes that this popular tree will continue to grow, then I always look at the base to see if those pesky beavers haven't started to chew away at the tree.  

If I see too many "ABC" type chips starting at the base, then I know the tree has a very short life span. One small storm and the majestic towering tree will come crashing down. 

Just about any situation or game in life can be used with Elliott Wave and music is one big part of it.  
Elliott Wave is a lot more fun to enjoy this way as I see so many dry wave counts and commentary, that I just about gag every time I have to read one. 

The bad part is that many times the bigger wave counts are never clear enough until they virtually get close to the end,  and this is when the most review work has to be done. 

So for the next month or so gold should rally like the 5th wave in an ending triangle and these can be very fast and furious with the last "C" wave going vertical.  



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