Gold Elliot Waves
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Started by joj - June 29, 2022, 12:53 a.m.

Let me state at the outset that EW theory is full of holes and I have used it very little as I've gotten on in years.

But I see a clear pattern in Gold that I wanted to share with you.

Bullish Impulse wave of some large degree ending in August 2020 when interest rates hit the absolute lows.  A large A-B-C correction from that point with the B wave top at $2072 on March 8th of this year.  From there a clear 5 wave down move in which we are currently (since May 16th) in a sideways 4 or already in a grinding 5th and final wave down (perhaps between 1750-1800... or a "failed 5th wave" which doesn't breach the recent lows of $1800) before a bullish impulse wave resumes.  That, would most likely take us over the all time highs.

I'm not computer literate in the skill of sharing charts with arrows and captions attached.  I see it on my charts and described it as best I can above.

Part of my current attraction to gold is not just the EWaves but the market "action".

Note that vs interest rates, gold has been holding up quite well.  Remember, it was ZIRP, not inflation that propelled the bull mkt in gold these past years.  Now with interest rates rocketing higher gold is breaking but grudgingly.  I like that relative disparity.

On the bearish side, one could argue that gold is NOT acting well considering the inflation numbers of late.  But as I previously stated, gold's moves to the upside since the early 2000's has been interest rate related.

I'm stalking Gold but easily could miss the move even if I'm right (or buy it and be dead wrong)....


By bowyer - June 29, 2022, 10:11 a.m.
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Would the same hold true for silver, or is it completly seperate from gold ?

By metmike - June 29, 2022, 11:05 a.m.
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Great post joj!

By Richard - June 29, 2022, 12:36 p.m.
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I am also following the metals and agree with everything said. The comment about silver . . . . . The only risk is that more time and downside price action is needed before the next bull market wave up and with that being the case, gold could in worse case move to $1780/$1800 area and if that were to happen, silver has the potential to move much move to the downside, but when gold enters the next wave up, silver will be right there with it.