Healthy Correction (possible short), Then Off to The Races-LONG
1) First intermediate cycle (circled) since GOLD had its 8 year low at 1615 (3 daily cycles embedded within, the 3rd started days ago)
2)The third daily cycle will likey left translate into our new intermediate cycle low - 1850-1900 -
the next intermediate cycle should break and sustain above 2000
3)The bounce/left translate cycle should become rejected at physiological resistance of 2000
4)From 2000 we should correct to at least .38 fib (1900; psychological support), or possibly lower to the .5 fib (1850) Either way this Should set up a sustained move well above 2000
5)Assuming GOLD is again rejected by 2000, Shorting GLD, GDX, or acquiring inverse ETFs (DUST), and holding them to 1900 (.38 fib) would seemingly be low risk considering GOLD is
very like to correct to at least .38. At that point, we go long and expect GOLD'S next intermediate cycle to rally well into the 2000s
2)The third daily cycle will likey left translate into our new intermediate cycle low - 1850-1900 -
the next intermediate cycle should break and sustain above 2000
3)The bounce/left translate cycle should become rejected at physiological resistance of 2000
4)From 2000 we should correct to at least .38 fib (1900; psychological support), or possibly lower to the .5 fib (1850) Either way this Should set up a sustained move well above 2000
5)Assuming GOLD is again rejected by 2000, Shorting GLD, GDX, or acquiring inverse ETFs (DUST), and holding them to 1900 (.38 fib) would seemingly be low risk considering GOLD is
very like to correct to at least .38. At that point, we go long and expect GOLD'S next intermediate cycle to rally well into the 2000s