Gold Crash Daily Chart Update.

 

Last week gold took a beating along with many of the related ETFs.  Does this mean that the bull market in gold has ended? No, not at all as    bull markets don’t end when their charts are pointing down, they end when the related charts are pointing up.  Since the start, in 2016 this has only happened 2 or 3 times, while the gold market has dipped down many more times than that.   We can see that a lower high has also formed in September of this year, so that can be used as evidence that gold is in a bear market. 

Since the January 2017 start, we still have higher lows that are forming so that is the conventional explanation for a bull market still in progress. In the last week or so I have reworked my entire gold wave count starting back with that questionable bottom during 1999-2000. 

I always had a problem with that major bottom as we all tried to force a wave 1-2 onto it. I found it very hard to believe that the starting wave 1, contains 5 waves in Intermediate degree. I even looked at it with a magnifying glass and all I could see is five waves in the smallest degree. 

If the 2011 gold top was Cycle degree or higher, then a correction to that $1050 price level is not nearly deep enough for the correction to have completed. From my perspective the gold bull market can fit much better into a wild diagonal, which would make our late 2015 bottom plenty deep enough.  Just like the crude oil bull market, in 1999-2008 which soared as a 3 wave pattern, gold can do the exact same thing, but just one degree lower.

Any “C” wave bull market in gold’s future can produce a stunning run. The real contrarians will keep holding their gold stock related assets  until the herd of gold bulls comes rushing back in.  Regular stocks have been pointing up, along with the US dollar, while gold is pointing down. This is a no brainer for a reversal from my perspective. During the past week, I’ve been in e-mail contact with Steven Jon Kaplan, and he is very generous with his information. He has made it pretty clear that gold related assets still have a long way to go. 2018 could be a banner year for the commodities sector, while the stock markets and Crypto Currencies, crash and burn. 

For the rest of the year, or even longer I will be working gold as an Intermediate degree, diagonal 5th wave bull market. 

Even though gold has taken a beating I’m bullish in the long term as the gold bull market is far from finished. 

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