GSCI Daily Chart! The Final Countdown!

                            Europe – The Final Countdown (Official Video)

Music always goes good with looking at wave positions. In this case when I’m counting down the slope, The Final Countdown always seems to come up. Very few are bearish on commodities like I am. I’m a bear inside a bull herd and I love it. That’s what Elliott Wave is all about! I have said it all along that this gold/oil bull market is a bear market rally and in order for this to get confirmed by the markets, the GSCI must completely retrace it’s entire bullish phase, back down and below the price point of origin.

The short version is that the commodities meltdown is in progress and we are heading down to a Death Crossing (DC). “ALL” those that have bullish positions will get forced out if they like it or not, or they will suffer the meltdown trying to stand on an impending DC!  Once the smaller majority see the same thing happening then mini panics kick in and a bearish move starts to snowball.  We have a good support price range at the “B” wave, and the decline can give us a hard time at that point.

I will be switching more to the gold markets during this meltdown, as my wave positions are working wave positions in the gold sectors. For people that think that long range planning is nonsense, then they can keep using the EWP for short term mindless trade setups. The EWP is much, much more than just the quest for simple stupid trade setups.  All this may take until the end of the year to clear up some more, as we have to get past the DC first. I have small short positions out on gold and gold stocks so I have real money on my wave counts.

When this all hits bottom and you want to bet on the reversal, then you must be fully prepared now ! If by the time gold hits $800 or GDX sees $8-$12 and traders are not ready, you will miss any bullish reversal that will come.

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