Gold: Explosion imminent?
I use elliot wave analysis theory for most of my technical analysis. I am convinced that gold started a new bull market at the beginning of this year. Not only technically, but also fundamentally I believe a great many things favor rising prices for gold.
I had to revise my wave count in silver and gold after these markets were pushed down at the beginning of October. In a sense the count became more bullish as now I am working with a 1-2 structure, meaning that I take the whole move up until after Brexit as only wave 1. Now it seems like wave 2 may be behind us. If this analysis is correct it will mean that today's jobs report will be (perhaps significantly) below expectations.
Let me know what you think. Trade with care and always respect your stop-loss.
I had to revise my wave count in silver and gold after these markets were pushed down at the beginning of October. In a sense the count became more bullish as now I am working with a 1-2 structure, meaning that I take the whole move up until after Brexit as only wave 1. Now it seems like wave 2 may be behind us. If this analysis is correct it will mean that today's jobs report will be (perhaps significantly) below expectations.
Let me know what you think. Trade with care and always respect your stop-loss.
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