gold top $1138 or $1300

i figure everything runs to february 2010 - time enough for $1300 ? but

i'm suspicious the 08 - current formation isn't a reversed H&S, as well the 2008-9
rally could be B of an ABC Correction, so both formations suggest sooner than later
lower prices. to 'look good' - proportional the chart has to see the price continue to $1300+

 

too many people too little gold

too obvious me thinks a small correction to pity the fool who bought on margin too high in price

http://milwaukeeconsumer.com/wp-content/uploads/2009/03/mr-t.jpg

 

1) Elliott Wave! Neat-o!
2) I was actually expecting you to say ~$1597, because that is a fibonacci number from the "sequence", i.e. (0,1,1,2,3...610,987,1597).

 

hey nazzdack, well no and yes

i think gold does do the fibo numbers but x 10 (or is that to the power of 10 ?)
so 3 becomes 30 300 3000 and 13 becomes 130 1300, tho not perfectly priced
on the chart you see after the H of $873 in 1979 the price dropped to $300 in 82
rallied to 500 drop to 300 then 500 then eventually to $250 which blows my theory
however if you draw a fibo from the 76 L to the 80 H — well hell here's what i mean - chart
you can see how the price hits and moves between the fibo levels and why it stops
at the L of $253.20 - right on the 76.4

i believe gold is a 'universal', that is something everyone in the world knows, an
abstract so 'resonates' to the fibos, likewise crude oil - 34 55 89 144 then 34 and
on its way to 89 again, but those are the only 2 i know of i can describe as such
tho many financial instruments do appear to react/interact with fibo numbers and
also the Lucas numbers

 

Don't be surprised when you see gold start gapping down.

:eek:

 

I have gold hitting 1250 by end of November on my charts. Inflation adjusted all time high for gold is near $2500 an ounce. Plenty of upside left. The run is still in its infancy.

 

A short?
I don't think so.

 

If you are looking for W5 top then the pattern is not yet complete. Now a Wb will stop around here. Given the one way sentiment, I am looking for a turn in the $, gold and stocks. Not a popular view, but that is mine.

 

was today the "blowoff top" for gold ?

or if not ... did it perhaps mark the high for 2009 ?

if so how far could we go down heading into 2010?

 

Here is a post of Golds' Parabolic Arc & ABC Pattern Targets

http://www.elitetrader.com/vb/showt...22&perpage=6&highlight=gold suri&pagenumber=9

Also, Gold's Inv. Head & Shoulder Pattern Target (on Weekly Chart)

Regards,
Suri