Gold Intraday Bullish Phase Update

I’m going to carry on with this potential zigzag, but it could all fall apart just the same.  I’m going for a 1-2, 1-2 wave count, which would extend any potential wave 3.  There is little room to spare with this wave count, so it won’t take that long to make or break it.  It may take until late next week before the gold market breaks into another leg up. 

Gold stopped dead at $1300 which I do see as an important number as it has repelled from this ceiling 3-4 times in the past already.  Ultimately, it will take gold until it clears that $1375 price level, to confirm that this bear market since the mid June 2016 peak,  was just a correction. 

Most gold stocks related ETFs should also do the same thing in the long term. Gold stocks are lagging behind gold, as they are not on the same wave count as gold, but in the end gold stocks should still go vertical at the peak of any major bullish run. 

From early 2016, gold soared, but I don’t consider that as a vertical run. The present gold run is not an Elliott wave rocket science observation anymore, as more and more fundamental analysts are jumping on the gold bandwagon.

When this gold bandwagon gets too full or overbooked, then it will be setting up for a crash. 😎  

 

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