Gold quick update

Gold has reached another interesting juncture. While Silver tanked over 30% in May Gold held its’ own with only a 6% decline. Then after making that low in early May Gold started to rally again, and is now in another confirmed uptrend. The question now arises; Is this a B wave rally in an ongoing Major wave 4, or is Minor wave 5 now extending in this extended Major wave 3?

OEW analysis of this entire 10 year bull market suggests the latter. That Minor wave 5 is now extending. This analysis suggests the April uptrend high was Minute wave i of Minor wave 5, and the May low was only Minute wave ii. Should this count be correct Minute wave iii of Minor 5 should be underway now. And, our $1700-2200 target for Major wave 3 is still a possibility.

The more obvious count would suggest this is an Intermediate B wave rally within an ongoing, and more complex , Major wave 4 correction. Currently we are displaying this count as the primary count on the Gold charts, with the extension of Minor wave 5 as the alternate count. Should Gold break out to new all time highs the Minor wave 5 count would gain in probability.

Recently Silver’s charts, oddly enough, look more like the Crude oil charts than Gold. We’re still expecting both to complete their corrections within the light blue band posted on their daily chart.

You can follow Gold, Silver and Crude by scrolling down the following link:[s67199592]&disp=O. Best to your trading/investing!

About tony caldaro

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4 Responses to Gold quick update

  1. Pingback: Gold should double | the ELLIOTT WAVE lives on

  2. zimbabweanimike says:

    What should one give to a young grad. A check or some chips. Mexico upped 100 tones last 60 some days. That’s alot of pesos!
    Tnx T


  3. herringjd1 says:

    Still holding
    gold and silver coins. Thank you for the update.


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