Gold Daily Chart Review

Since December 2016 gold has displayed one ugly advance that only a mother could love! During the 2016 crash we could have a 3 wave crash, which allows the $1375 price peak to be broken to the upside this summer. If gold does breakout then the entire move,  would be called a “C” wave bull market in Minor degree.  At best this would allow gold to soar in the shorter term, but it still looks like a 4th wave rally to me, when counting from the late 2015 bottom.

This would keep money out of the markets, as I don’t chase bull markets when trading ETFs. I think the media focus on gold is blinding us to the potential for gold to finish a big bear market rally of Intermediate degree wave 4.

Just the fact I mention an Intermediate degree 5 wave pattern is a clear message to readers, that this blog has passed into the world of a Cycle degree 4th wave correction. I use a strict “rule” that no 5th wave should ever be left uncapped, and if you find one of my 5th waves uncapped, then send it to me and I will redo it. Actually capping the 5th wave is built into the EWP, I just emphasized it as a strict rule.

The big $1050 bottom has not even touched the previous 4th wave yet, so don’t get all cranked up about a $5000 or $10,000 gold price forecast coming soon!

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