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How Deep will the Gold Correction Be?

Commodities / Gold & Silver 2009 Dec 06, 2009 - 08:01 AM GMT

By: Ronald_Rosen

Commodities

Best Financial Markets Analysis ArticleFour waves are the clue to the answer.

“The primary guideline is that corrections, especially when they themselves are fourth waves, tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most commonly near the level of its terminus.”   E. W. P.


The current correction in gold is Major Wave Four. $640.00 is the apex of the triangle on this gold chart. The triangle is the “….previous fourth wave of one lesser degree.…”  There is also a tendency for corrections to return to the apex of a preceding triangle.

   GOLD MONTHLY

   GOLD MONTHLY LOGARITHMIC

   GOLD MONTHLY WITH LTD ARRIVALS NOTED

Gold coins and bars should be considered an insurance policy. I do not believe that they should be sold regardless of a decline in their price. The percentage increase in the precious metal shares is a multiple of the rise in the price of gold. The percentage decrease in the precious metal shares is a multiple of the decline in the price of gold. The shares are obviously more volatile than the metal. There is more hope for riches placed in the shares than there is in the metal. That hope gets dashed easily on the way down. Speculators in gold and silver have their hopes for riches dashed on the way down but gold has a hard core of holders that refuse to have their holdings dislodged by fluctuations. Holding the metal gold as insurance is the way to proceed until the financial and economic mess that we are living with is resolved or at least mitigated.

Subscriptions to the Rosen Market Timing Letter with the Delta Turning Points for gold, silver, stock indices, dollar index, crude oil and many other items are available at: www.wilder-concepts.com/rosenletter.aspx

By Ron Rosen

M I G H T Y I N S P I R I T

Simeon - A Picture of Patience

Ronald L. Rosen served in the U.S.Navy, with two combat tours Korean War. He later graduated from New York University and became a Registered Representative, stock and commodity broker with Carl M. Loeb, Rhodes & Co. and then Carter, Berlind and Weill. He retired to become private investor and is a director of the Delta Society International

Disclaimer: The contents of this letter represent the opinions of Ronald L. Rosen and Alistair Gilbert  Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Ronald L. Rosen and Alistair Gilbert are not registered investment advisors. Information and analysis above are derived from sources and using methods believed to be reliable, but Ronald L. Rosen and Alistair Gilbert cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions.

Ronald Rosen Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

andy
08 Dec 09, 17:27
Gold Magic

watch as the lines magically move higher
http://www.marketoracle.co.uk/Article13689.html

and higher
http://www.marketoracle.co.uk/Article14336.html

and higher
http://www.marketoracle.co.uk/Article14932.html

and higher
http://www.marketoracle.co.uk/Article15165.html


truthhurtsss
09 Dec 09, 04:48
don't be too gleeful yet....

My suggestion is : "don't be too gleeful yet". When you see $60 drops, better be prepared for $60 or more $ rises....

This gold market cannot go to $600 without destroying the bullish structure somewhat.


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