Oct 16, 2015


I have suspected a little bit higher is left, but not that the move will be stretched the whole week for 10 points higher. Nothing changed iv and v of 5 missing to finish the whole move from the bottom with target around 2030-2035.
The DAX has the same pattern five waves higher from the bottom with iv and v of 5 missing which we should see today.

Closer look..... it looks like impulse with iv and v of 5 which we should see today.

The last time I wrote about gold was that it is moving lower with corrective wave to 1100 and it is bullish above this level. Since than it has moved higher as expected.... and now everybody is bullish - "this move has different nature" ???, "major break out" ???, bear market over, every second article is about gold. May be, but I do not see a proof so far. I was bullish because every year there is a rally and cycles were pointing that it is time for the rally this year. See the chart below every year for 12 weeks.
I am skeptical and I do not think we saw the bottom. So the price action should prove me wrong - gold should continue to rally for another 3-4 weeks so that we have a bullish 20 week cycle topping at week 15-16 or later and price should reach 1240-1250 so that we have 1-2-3 move and not a-b-c.
If this does not happen it will be just another a-b-c corrective move for 12 weeks like every year.

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