So far gold has started to rally from that August low, but this morning gold to a swan dive that is hard to see on a daily chart but it sure shows well with an intraday chart. What you see in this daily chart is a Minor degree triangle with a count of 5 zigzags. This hasn’t changed at all, even after I moved my “A” in Primary degree back about 2 years and 8 months. I like to calculate my time in years, +or- 1 year. Being late by over 2 years, 8 months in a Primary degree wave position, is time traveling on paper at warp speed. Being out by a Primary degree time position will throw all-time forecasts out the window, the second they are created. 2011 was a Cycle degree gold mania peak in Cycle degree which very few gold experts even acknowledge. Those that do are hated by gold investors, as they do not understand that gold has 30-year cycles to them, from peak to peak.
The last thing I will ever do and that is, call a long position in gold an investment. I reversed all my bearish positions well over a week ago before I get out of bed as I put in all my orders late at night.
This so-called shorter move is just the last part of a running triangle. Running patterns are very normal much like the “E” wave in gold. Some are even bent over much worse as some of the gold stock ETFs show us. It’s not the $1160 price that is important but it’s the spike that made it, which is much more important. At the top, we had 4-5 spikes to the upside which all failed.
I have switched to the bullish side but mostly use GDX to trade with. I believe this impending gold market bear “rally” should show us 5 waves up in Minor degree but they could get very ugly pattern wise. 5 wave runs in any direction is not something I want to miss as they are the ones that can give you stunning returns if we can ride them out. I’m a gold bull rider now and will stay that way until all indicators tell me I’m in a bull trap!
My main trading ETF is GDX as the reversal we had, happen the same way in late 2008. As of August 2018, I have thrown options into the mix as just “one” of the uses for options is to treat them like Insurance. I had loss insurance out on my silver coin bet, and it already paid out very well.