• 15 hours Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 22 hours Is This The Most Important Energy Project Of 2020?
  • 2 days Startups Are Dying To Give You A Better Death
  • 2 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 3 days The Banking Bonanza Is Just Getting Started
  • 3 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 4 days Who Is The Most Dangerous Person On The Internet?
  • 4 days SoftBank Sees First Quarterly Loss In 14 Years
  • 6 days Prepare For An Oil Glut In 2020
  • 7 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 8 days What Would You Sacrifice For A Debt-Free Life?
  • 8 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 8 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 9 days The Great Silicon Valley Migration Has Begun
  • 9 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 10 days How Fractional Trading Is Democratizing the Stock Markets
  • 10 days Why Smart Money Is Looking To Short Aramco
  • 10 days Gold Major Looks To Hike Dividends By 79%
  • 11 days Three Reasons Precious Metals Are On The Rise
  • 11 days Will Gold Stocks Continue To Climb Higher?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

What's Going On With Gold?

Gold is forming a Minor degree wave 4 Symmetrical Triangle, which is a consolidation pattern of the Minor degree wave 3 rally that started back in 2001 and extended into the May 12th, 2006 top. It means Gold is headed much higher once the triangle completes, into a Minor degree wave 5 up. If Gold drops below $540, then the alternate labeling showing a wave c-down of 2 down correction is occurring. Once complete, Intermediate wave 3 up should catapult Gold to new frontiers. Any way you cut it, a huge rally is coming in Gold, and should be well underway by late 2006.

The EW labeling for the HUI shows that Intermediate degree wave 1 up completed on May 11th. Since then, we see a three wave "Flat" for Intermediate degree wave 2 down, correcting Intermediate 1 up. So far, Minor wave "a" down finished in June, wave b up was a three-wave affair ending with a small Rising Bearish Wedge, a.k.a. Ending Diagonal Triangle, complete with a spike throwover, which was promptly followed by a vertical plunge in the HUI, Minor degree wave c down, which is still in process. What looked like an Ascending Triangle morphed into the Ending Diagonal Triangle.

Instructive is that what followed the spike throw-over in the HUI is what we expect to occur in major equity averages that sport a similar Rising Bearish Wedge Ending Diagonal pattern.

Minor degree wave c down of 2 down is still in process and could take the HUI down to the 260 area should wave 2 down want to correct a Fibonacci phi .618 of 1 up, a run that lasted from May 2005 through May 2006.

For a Free 30 day Trial Subscription, go to www.technicalindicatorindex.com and click on the button at the upper right of the Home Page. Check Out Our September Subscription Specials.

"And as for me, I know that my Redeemer lives,
And at the last, He will take His stand on the earth."

Job 19:25

 

Back to homepage

Leave a comment

Leave a comment