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Sunday, June 19, 2011

Stock Market Summary For Gold Could Top Sooner Than Later And Fool Some Bulls

Stock Market Summary For Gold Could Top Sooner Than Later And Fool Some Bulls : First let me start by clarifying I’ve been a Gold Bull since November 2001 based on Elliott Wave patterns and currency concerns as well. Since that period nearly ten years ago, I have followed and forecasted the patterns in gold and have been amazed at the clearly definable trends both for large moves to the upside as well as corrective patterns.

Most recently we had the last pivot bottom in January at 1310 areas, which I labeled as a “Wave 4 bottom” with regards to the most recent 5 wave pattern to the upside. In the longer term view, Gold has been in a long uptrend since the October 2008 crash lows of $681 an ounce, and I have it now in the final 5th wave up of a larger degree 5 wave move since that time. Nearly 32 months of general uptrend with the occasional corrective pattern to the downside to kick the bulls off.

The issue now though, is that 5th waves in a final 5th wave pattern are very difficult to predict and they can extend and run higher than usual, or they can “truncate”, which means they are shortened much more than usual. In the near term, gold investors want to see Gold break out over $1551 in order to avoid what looks like a potential “truncated” top in Gold at that level. What happens is the Bulls run out of gas, and the final 5th wave up gets tired and stops short of the normal destination, catching both bulls and bears off guard at the same time. Source dailymarkets.com... For the latest updates PRESS CTR + D or visit Stock Market news Today

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