Is breaking lower, but is it a big surprise? To some it might be, but if you had been following the Elliott Wave Principle it should not be a surprise.
You can see my post from May 21 here: http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-on-gold-and-silver.html (which, by the way, also point you to my post from April 17).
I'm looking for blue wave v down to 1,258, but will that be the bottom, that so many is looking for? Will it be a good place to enter into a long position?
Not in my view. If blue wave v does end at or near 1,258 it will only mark the bottom of red wave iii and we should see more downside action once red wave iv is over.
That said, I'm seeing gold all the way down to the floor as some are. In my view this has all the ear-marks of a major wave 4 and once it's over we should see a new powerful rally in wave 5 to above 1,921, but it's to early to build long position unless you have very Deep pockets...
No comments:
Post a Comment