Comments on: Gold set up for another rally? http://sovereignspeculator.com/2010/03/31/gold-set-up-for-another-rally/ Thoughts on the markets and the decline of the west Sat, 10 Dec 2011 12:41:24 +0000 http://wordpress.org/?v=2.6 By: rogerjarema http://sovereignspeculator.com/2010/03/31/gold-set-up-for-another-rally/#comment-8959 rogerjarema Thu, 01 Apr 2010 18:46:13 +0000 http://sovereignspeculator.com/?p=4433#comment-8959 Mike, do you use EWT for gold forecasting? At this juncture, the larger counts seem to be problematic both for the bearish and the bullish case. This is Kenny's count: http://4.bp.blogspot.com/_goypolxEFd4/S7OtzCD-8YI/AAAAAAAAEmE/8XVsq0Em94M/s1600/GLD.png He has it as an expanded flat. The problem is [B] length is over 2x [A] length... that kind of make the count not very plausible. Over 1.38 [A] for an expanded flat should already put a question mark in the count. A new high in gold will make the count lose even more credibility. However, the bullish count is no less problematic. If we count the move up since the 681 bottom as an impulse (5-wave structure), it doesn't look good either. The waves are too overlapping. So, in these kinds of circumstances, do you put EWT on hold and employ other methods of TA? Mike, do you use EWT for gold forecasting? At this juncture, the larger counts seem to be problematic both for the bearish and the bullish case. This is Kenny’s count:
http://4.bp.blogspot.com/_goypolxEFd4/S7OtzCD-8YI/AAAAAAAAEmE/8XVsq0Em94M/s1600/GLD.png

He has it as an expanded flat. The problem is [B] length is over 2x [A] length… that kind of make the count not very plausible. Over 1.38 [A] for an expanded flat should already put a question mark in the count. A new high in gold will make the count lose even more credibility.

However, the bullish count is no less problematic. If we count the move up since the 681 bottom as an impulse (5-wave structure), it doesn’t look good either. The waves are too overlapping.

So, in these kinds of circumstances, do you put EWT on hold and employ other methods of TA?

]]> By: Adam http://sovereignspeculator.com/2010/03/31/gold-set-up-for-another-rally/#comment-8957 Adam Thu, 01 Apr 2010 14:09:54 +0000 http://sovereignspeculator.com/?p=4433#comment-8957 Thanks, Mike! Thanks, Mike!

]]> By: Mike http://sovereignspeculator.com/2010/03/31/gold-set-up-for-another-rally/#comment-8956 Mike Thu, 01 Apr 2010 10:48:59 +0000 http://sovereignspeculator.com/?p=4433#comment-8956 Trending higher from summer through late Nov, peaking over 95%, then down into early Feb (bottoming under 15), rebound to 50 by early March, then down to 20-ish lately. Trending higher from summer through late Nov, peaking over 95%, then down into early Feb (bottoming under 15), rebound to 50 by early March, then down to 20-ish lately.

]]> By: Adam http://sovereignspeculator.com/2010/03/31/gold-set-up-for-another-rally/#comment-8954 Adam Wed, 31 Mar 2010 22:15:57 +0000 http://sovereignspeculator.com/?p=4433#comment-8954 Since I'm too cheap to pay for the DSI data, any chance you could throw me a bone and discuss the rough pattern of DSI for Gold over the past few months (just now became low, been low for a long time, etc.)? Another blog mentioned that the 10 day moving average of Gold DSI was below the fall 2008 panic lows as recently as a few weeks ago. This sounds crazy to me, but if it is so then it is so. Since I’m too cheap to pay for the DSI data, any chance you could throw me a bone and discuss the rough pattern of DSI for Gold over the past few months (just now became low, been low for a long time, etc.)? Another blog mentioned that the 10 day moving average of Gold DSI was below the fall 2008 panic lows as recently as a few weeks ago. This sounds crazy to me, but if it is so then it is so.

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