Elliott Wave 5.0 "Reboot"

Thursday, April 21, 2016

Gold Intraday Price Spike Review



The price spike came within a few dollars of breaking my wave count and that is too close for my liking. The bullish patterns that gold has been making may not be finished just yet as it all can be part of a diagonal wave count.  We have to look for a diagonal 4th wave correction and my bottom trend line would be the boundary that another 4th wave could stop at.  The diagonal 5th wave should then cross to new highs past $1282 or so. 

As of 2016 I draw all my trend lines in parallel to each other, and many times they all have the same angle with many different degree sizes. Yes gold gave us a nice spike which can be the end of a trend, but a correction will mean gold is also not finished.   Any choppy bullish moves are not good signs of a healthy bullish phase, so we have to be prepared for dramatic moves that may be impossible to pick up before hand because they can happen during the night or when I am busy with other things. 

I will not have time to cover other assets today, but will try and cover a few more tonight.