Gold, Intraday Choppy Rally Update

Since last months low, gold has attempted to make a comeback. The problem I have with this rally is the severe overlapping wave structures. Short term it leaves too many options as this could just end up being a bearish counter rally.  A diagonal wave 1 would be nice and we would get no more new lows in the short term. The traditional gold buying from India has evaporated in the last few years, which has at times pushed gold into a bull market at the end of November. 

I made some changes at the September top, but it is not secure by any stretch of the imagination.  I calculated a few Gold/ETF ratios and there is nothing to suggest that gold stocks are in the expensive range. When gold stock ratios compress much more, and gold stock insider selling becomes public knowledge, then it would be time to follow these contrarians and do the same thing.  

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