This will be my last gold posting on this blog as I will be switching to our new site by May 1st or
So far gold has made another bullish looking advance, but this is not a pure impulse, but can only fit into a potential diagonal wave structure. Since the beginning of April, 2016 the gold waves have not been the happy bullish waves, we would expect in a true impulse wave structure, but the patterns have been fighting upward all the time.
This is not good in the long run as all these bullish looking waves will eventually all get retraced. $1208 is the low to beat, but hopefully we will see one more high for this gold bullish phase.
Constantly posting a gold price where it will stop means very little as the pattern is far more important. How it acts or behaves on its journey up is critical to understand as investors can get caught thinking we are in a secular gold market. This I don't think is the case at this time.
Above all, we want to milk and bullish run to the max, even if it was a fake. Fake money can be turned into real cash when you sell.
As always, we want to max out the bullish run with any Elliott Wave Count, but it can be much harder to tell if these fake runs are much shorter. This is especially true for gold stocks.
Gold stock insiders flooded the gold market with buying in mid 2013 which was very well broadcasted at that time.
Hopefully we will get the same signals if and when they start to sell. Steven Jon Kaplan may broadcast it as he is one of the few contrarians that track this kind of data. True Contrarian