Sunday, October 18, 2009

Gold Update



What a sweet chart!!!!!!!!!!!
New all time high @ 1072, close to my prediction of 1076.
My interpretation of structure has this market in minuette (iv) of minute [v] of minor C of intermediate (C). The alternate view is a very bullish minor 3 of intermediate (3).
As pointed out in Thursday's post, it is unclear which peak (iii) finished at, 1062.50 or 1072.
Once (iv) completes, we should see another leg higher that would complete [v], and thus C.
If this assessment is correct, then the bulk of gains have already occurred. Of course, there is always the possibility that (v) could extend.
Bottom line - we should see another push higher before a meaningful correction.

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