Elliott Wave Commentary on Gold 29 Nov 2011

Elliott Wave Analysis of GoldA few days ago, in my Elliott Wave commentary on Gold, I wrote that we will get a move down to 1662, but that I would be happy to cover shorts just ahead of that level. The reason was there existed a possibility of a sharp rally. But the price action we are seeing is not convincing. So I am now thinking that we could fail to go above 1735, and possibly experience one more dip. So plan your trades accordingly.

Elliott Wave analysis of Gold involves not only anticipating the move, but monitoring the market for additional clues as the move unfolds. It is never a black box!

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6 Comments

  1. I am new to your blog but enjoying it very much and reviewing all that I can. I also just downloaded your book from Amazon and am half way thru it. It is a great book..very well done indeed.
    Question on Gold. I am wondering why the move from 8/23/11 to 9/26/11 could not be an ABC correction like you originally showed on 9/7? The C move was very strong. If that is possible, then could we be seeing a Diagonal Wave 1 from 9/26 to 11/8? The move from 11/8 to 11/21 would be Wave 2 correcting approx. 50% of Wave 1. We would then be in Wave 3 up (which had some dynamic up moves on the hourly chart this last week).
    Thank you for your thoughts. I am very happy to have found you blog. Best regards,
    Joe

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