Has Gold completed its 2nd retracement that often follows a fifth wave extension? This is an important question because if Gold has indeed finished its upmove, what should follow is a significant down move that could reach 650, or potentially even lower towards 560. On the surface, such a proposition seems laughable. But be warned that if Gold can close below 943, we should be setting up a down move to 900. After that, any recovery towards 960 will be aggressively sold by smart money. Most of the important moves in any market takes place when the majority don’t expect it. That is not to say I will be right this time because I am going against the common man’s expectations. All I suggest is one should remain faithful to Elliott Wave Principle if he professes to follow its various rules and guidelines. We have anticipated several of the moves in Gold (just do a search in Wave Times) and the wave count suggests a move lower should happen soon.
Is Gold ready to collapse? 7 June 2009
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