Just to illustrate how potentially dicey this situation is in Gold - I present a wave count for the bearish case that we have further waves to go down under $1,181, and the current wedge shaped wave up from $1,182 is but an extended ABC correction up from that level prior to a potential 5th wave decline that would complete the downward wave from $1,432 back in September to under $1,181. Of interest is that under this scenario is that Silver has already completed its ABC up and is currently on the way down, having already maxed out at $20.63 a few days ago which it can tend to do sometimes. Gold may well have just completed this ABC this morning in Asia at $1,262 Spot (which is the top of the overall Steidelmayer range for all data going back to 2001).
Posted on: Sun, 19 Jan 2014 23:36:43 +0000
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