Gold Intraday Update: Bull Market Or Bear Market Rally?

I warned my friends of a possible gold price meltdown and only a few that know my charts well agree with me. I have small short positions on Gold/Oil related ETFs and have no plans to get out like a scared rabbit!  We are still a few dollars away from retracing #4. That proves that at least one section was just a bear market rally, which does not fit any proper wave count I have ever used. One out of four is soon to be a bear market rally with three to go, You can’t have just one bump out in the open like that.  We are also sitting at the 50-day MA with the 200-day MA. still well below us.  Emotional bullish complacent gold bugs, are sitting on one of the most bearish indicators in our tool box, yet they are oblivious to it, or wish to ignore them.

Gold travels in 30 year cycles and when we count from the 1980 peak and add 30 years we get close to 2011 plus or minus one year. When we add 30 years to 2011 we get 2041 for the next major peak. That would be Supercycle degree wave 3 peak, but it would end with Cycle degree wave 5 having to complete first. After this Cycle degree 4th wave finishes, it could turn into another zizag bull market. I also have a price forecast for gold for that 2041 peak, but I’m not going to post it all the time. Just because I’m super bearish on gold right now, doesn’t mean I eliminate all gold bull markets.

I find gold bugs to in love with there investments as I will have no hesitation in shorting gold if I figure gold is going to crash in a 5 wave sequence.  We still have time but I will trade GDX when the time is right. Right now its a short bet. There is a very easy way to test gold if it’s in a bear market rally or not, and that is to, “SHORT ” GDX with 100 shares or 50 like I have. Then sit back and see what happens by the end of 2018.

Any investor that is willing to trade waves when they arrive should at least have funding of $10,000 in Cad or USD trading accounts and access to US and Canadian markets when they start.

 

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