SUMMARY
While I believe having a bag or two of Gold and Silver as well as Numismatics is a good core position hold constant, my analysis is bearish on Gold. The below is a long term weekly chart of GOLD. The Blue Elliott Waves show a distinct five waves motive up which peaked in August of 2011. Since Elliott Waves states that after a five wave up impulse sequence, there must be a retracement in the form of an ABC (ZigZag or Flat), Triangle or Combination. I believe the retracement is likely in the form of a ZigZag (5,3,5) count. The white subwaves of red cirecled A counts to five. Price is currently completing the three wave ABC for the red circled B wave. And since C waves always have five subwaves, the 5,3,5 sequence is satisfied thus far. The range of the red circled B is estimated to be in the range of $1,374 to $1,579. Once complete, the ferocity of the final red circled C wave down could be quite deep and thorough.
Close look at the daily chart shows that the red C of red circled B could be tracing out the Ending Diagonal which is quite befitting for the C wave of an ABC. The blue subwaves 1,2,3,4,5 show that five is the only wave the remains incomplete. Once the Ending Diagonal finishes, the downdraft that starts the final red circled C wave down could get quite scary.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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And what would be your opinion on Silver?
It formed a massive 20yr cup and holder pattern.
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I wonder where all the gold money will go to...hmmm...very interesting...
SILVER SILVER SILVER !!!
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great post .thank you
Very interesting post!!!
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interesting analysis I hope to be able to recover a money that I have lost, thanks for the help.
I like the idea of hodling silver. It just makes a lot of sense. Shoutout @haejin..
I am following you, I like your post,
your post is very interesting, please help upvote for my blog @chukwudbem thank you
You are analyzing this one wrong Haejin. If the price of gold goes to 50% of it's current value you can just about BET on a separation of the ETF and physical market. People should be buying silver and gold not waiting for the technical analysis to unfold.
Great post. they say that the people who are most successful are those who are doing what they love.p
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it is simple when bitcoin is high gold is low and vice versa, there is a direct connection
Everyone in financials is talking about the coming inflation. Central banks are going to need to raise rates quickly to catch up. But nobody in crypto is talking about it. Gold and bitcoin are going to explode. #bitcoin #gold
I LOVE SEX!!!
Any girls here with big boobs?