Sunday, May 15, 2011

GOLD update

In the previous GOLD post, discussion of a top in the precious metal was reviewed with it's basis on a completed or completing 5 wave thrust that commenced in 1999.

On the very short term 30min chart, it doesn't appear that a significant decline is underway, however, a decline does appear to be unfolding perhaps down to the 1450-1400 levels. This decline may form a 4th wave triangle before moving to new highs and would take some weeks to complete.

On the daily chart (not shown) the count doesn't look complete either, hence a correction now, then a push to new highs to form a significant top is anticipated.

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