Are You a Gold Bug?

SUMMARY

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Since last year, I've posted that Gold is in a bear market and still remain in that position. The below chart shows a maturing red B wave and once complete, the resulting C wave down in five waves can become shocking to many who see Gold as a safe haven. Wave C could target the 0.78 Fib level because look how the blue wave 5 is so EXTENDED!!

Another variation that could truncate the time of the decline iniation is that a bear flag could be in play as shown. IF this is correct, the C wave target would not be changed.

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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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