Elliott Wave 5.0 "Reboot"

Monday, April 4, 2016

Gold Intrdaday Review: Holding on For Dear Life.

It sure looks like gold is desperately clinging to the impulse life support system, every time it heads down there is more of a chance that the impulse, I am working will one day break through these support levels and then turn and head south. 

At this time I'm still able to make the impulse work, but it's getting harder and harder to do so. 
Back in late March 26-27  gold crashed to a new low via a 3 wave pattern which could also mean that we are in an expanded type pattern right now and then we would be assured that gold is going lower. 

You don't want to mock or ignore triangles and expanded patterns as they will ruin our perfect world wave counts every time.  If we can catch them before hand, they can make moves that will shock the unsuspecting but will be normal for the wave counter that sees them first.   You have to see a wave count before you can count them out, as mindless wave counting will not show you about expanded patterns.  Again, you have to see the wave pattern before you can count them out, as counting them out is only the action to try and confirm what you see.  Sometimes you have to count out something 2-3 times if you don't believe in what you see. 

I didn't believe what I saw in the DJIA from the 1929 peak and I counted that pattern out 1000's of times all by hand and on paper. Each time you try the smallest changes in the location you have to start again to make sure  all others fit as well.  

Same applies to gold if we have no clue that that 2011 peak was. Gold can easily be in another big fake run as an ending diagonal could also be in progress. If that is the case and gold is in another 4th wave top in Minor degree, then a crash to new lows below $1050 will certainly happen. 

Let's hope one more leg up is still in force and then we can end this gold trip with the gold pointing north. Gold may give us one big warning (already given) but it will certainly not give us two. 

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