Friday, March 1, 2013

Gold Intraday and Daily Chart Update. The Golden Eagle Is Crashing!

I made up this daily chart a few days ago showing a potential 5 waves heading down.

 With this Intraday chart we can see that gold is trending between two channel lines which I have bumped up to a Minore degree 5 waves. Gold is still heading down as I write this.
Since the Oct 2012 peak, gold has shown a steady decline, with the potential to break out to the downside below $1540.  Since the entire bear market in gold has gone sideways to down, this is not as bad as it looks. Even if gold crashes to $1500 it will only make me more bullish as this would complete what is looking like a 5 wave sequence which happen most often down a "C" wave crash. Add a long spike to this chart and we have the potential for a gold reversal that should impress us. Gold should take out or retrace all those $1800 price levels and if gold is really in a 4th wave in Primary degree then we could see another new all time high. Gold stock ETF's like GLDX is telling us that a strong bull market in gold stocks will happen and they should be the first to bottom in the next several more weeks.