A possible path for GOLD - Potential Elliott Wave Count

29 Mar 2016

There is a possibility that Gold has put in a long term bottom - Of course, we won't really be able to confirm this for another 6 months to a year. However, with what appears to be 5 waves up in a classic Elliott Wave pattern, the thing to watch for is a ZIGZAG correction (most common in wave 2 position) The correction may be over but I think it' needs to be larger yet. I don't trade Gold much but I watch it for clues on the CAD and the AUD as they usually follow Gold and OIL.

29 Mar 2016

Not

Interesting move on Gold. Let's see if it react at this trendline

30 Mar 2016

Not

Holly crap... sometimes I get lucky and plot good lines. the move up bounced right where I guessed. OK so an educated guess perhaps, but it's important to always see ones analysis as only a "Potential". Let's see if the final ploted move works out.