Gold Intraday Bearish Phase Review

I’m still counting gold as a potential 5 wave diagonal bull market, but that may have to go into hibernation if this keeps up. We are only about $28 from gold crashing below $1215 which will kill one big part of my bullish scenario. Below $2015 I would have to take that bullish phase from the May bottom,  and look for a potential inverted zigzag. 

There are no real support levels on the way down, as there is no major dip in the May 2017 rally. Even the previous 4th wave of one lesser degree did not hold. Wave 2 bottoms can go well over 60% retracement and at the worst it could retrace 99.9999% of the entire bullish phase before we can call it completely dead. Even an 80% retracement can still happen as well. 

With most corrections I use, 20, 40, 60 or 80% retracements going up and down, but retracement levels do not mean that much when we really don’t know where we are. I spent years calculating retracement levels and rarely do the work they way they calculate them in the EWP. 

Most of the time I have to keep 3 potential wave counts going, and the trick is to eliminate the wave patterns that just refuse to fit well. This is also the main reason why I review the bigger degree charts as much as I do. 

Yes, we still could see a bit of a downside, but this bearish phase has been going on a bit too long for the degree that I’m using.

Longer term I retain my bullish outlook, but I may have to switch back to my “D” wave bull market, if this bearish phase doesn’t turn soon.  

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