Wednesday, March 19, 2008

Gold correcting in Elliott wave 4 style

Gold to Sell off to $940 on US Interest Rate Cut Decision

920 is the 50 dma and should offer good support. Anywhere in the 900-950 range should be a good buying oppotunity as Elliott wave 5 (from last August) blasts off.

Posted by sold 2 rent 1 @ 09:45 AM (562 views)
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3 thoughts on “Gold correcting in Elliott wave 4 style

  • There’s Elliott waves, and then there’s the real world:

    After a slight surprise that the FED didn’t slash rates to -5.0% yesterday and literally start throwing the stuff out of helicopters, it seems to business as ‘usual’. Sure I dig his charts, and he may be on to something – but in reality if you look at the price of gold in Euros it’s advance recently has not been stellar. It just seems to be making gradual, steady progress. I.e., the mania has yet to occur.

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  • s2r1 i have you seen the money week post above re Armstrong? You ARE becoming popular.

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