Saturday, November 14, 2009

Gold





The gold market continues to subdivide higher, reaching new highs in the process.
It's apparent that we are getting very close to this leg finishing. I am assuming that this will complete a minute degree wave [v] coming out of the triangle. Remember that triangles precede finishing moves.
If this interpretation is correct, we will complete an intermediate degree (B) wave at this moves conclusion.
I am anxious to see what type of price action we get when this leg finishes subdividing. Whatever it completes should be tradable.
Sentiment continues to maintain over 90% bulls according to the DSI readings.
Bottom line - We keep going up until we don't. If I were long, and I'm not, I would use Friday's low as a stop and perhaps trail it up.

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