Price movement for gold is rather well behaved
Another one month or two is likely to complete its wave 4. If wave 5 is of the same magnitude as wave 3, it can reach US$ 3,000/oz.
What can trigger the wave 5 run-up ?
Global instability ? When investors lose faith in stocks, bonds, real estate etc.
Currency devaluation ?
Or inflation ?
Or aggressive buying by China and India ?
..
1 comment:
I am sorry to inform you that if you are going to apply Elliot Wave counts to charts, then you must follow at least some of the most basic Elliot rules. With your gold count, it is impossible to have a triangle ABCDE in a 2nd wave position. Triangles can ONLY be in wave 4 or B positions. The count you have placed on your blog is, err, embarrassing to say the least.
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