Sunday, April 27, 2008

Elliott wave 5 ready to go?????

Silver and Gold at Critical Juncture

Elliott Wave suggests a final wave 5 up for silver and hence analysts suggest this is only the preceding wave 4 correction. That may well be but the problem is that is a pretty big wave 4 correction in price and time. However, the wave 2 top of November 17th at $16.20 has not been breached (barely) so theoretically another final move up cannot be discounted (though one suspects that heavy selling will be encountered at or near the high of $21).

Posted by sold 2 rent 1 @ 12:23 AM (727 views)
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2 thoughts on “Elliott wave 5 ready to go?????

  • “The corresponding trend line for gold was actually breached on April 1st at $920 and though gold has retested this line several times since then [which technically then becomes resistance], it has failed to reclaim it. The reasoning is thus, if gold cannot reclaim its line, why should silver? The only hope one can see at this point is gold forming a double bottom at around $875 to form a platform for a new rally”.

    S2r1 – Elliott states that the depth of the correction will be in the vacinity of the 4th wave of one less degree. IF the move up to 1030 was wave 3, then the correction should terminate at the vacinity of the 4th wave of that 3rd wave. Therefore that would give lower prices and would give a H&S look to it. Dont get me wrong – i am personally relaxed about this, ive made enough money on the liquidated portion of this upmove (i would be more neverous if i hadnt liquidated at all)!

    And basically i am willing to let the dice fall whereever BUT there is a possibility of lower prices to the nov/dec triangle, before we see your 5th (which you remain 100% convinced by – hats off to you courage of convictions and all that). Now i will probably add to positions (purely trading wise) on the long side if we get down to that nov / dec level, but i will probably get out of those for hopefully a trading profit. After that yes will hold the core position until your target (or mine depending on the fib numbers once the “4th wave” is in) Or until my b/even + 20% rule.

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  • sorry re spelling course s/be vicinity.

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