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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Wed Jan 31, 2007 5:16 am Post subject: ELLIOTT WAVE Analysis of Gold and HUI - Triangle Pattern |
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Gold is in a triangle pattern and it currently appears to have started wave e down. We should see minor downside for the wave e count, before a reversal and subsequent breakout to the upside. The downside could complete as 3 waves or as 5 waves with further sideways action in wave e towards the apex of the triangle. A break below the lower trendline and the wave c low in the triangle would be short term bearish indicating further downside before a substantial move higher. A break above the wave b high before a pullback could indicate 2 possible scenarios.
It could indicate a bullish breakout to new highs or more of a corrective pattern as wave (b) up to the $670-$680, before a pullback in wave (c). The action over the next few days/weeks will provide the clues to the future movements, but at this juncture, we are expecting a minor 3 wave pullback in wave e and then a subsequent breakout to the upside.
Our CRB chart also supports the Gold count which appears close to a reversal as well. Analysis on our Gold and Silver stocks also indicate a continued pullback before further upside. The Gold chart below illustrates the corrective triangle pattern since the May 2006 high and the second chart is the triangle pattern for the HUI which is more advanced in the wave e pullback.
More http://www.marketoracle.co.uk/Article282.html |
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