Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
How to Use Price Cycles and Profit as a Swing Trader – SPX, Bonds, Gold, Nat Gas - 13th Nov 19
Morrisons Throwing Thousands of Bonus More Points at Big Spend Shoppers - JACKPOT! - 13th Nov 19
What to Do NOW in Case of a Future Banking System Breakdown - 13th Nov 19
Why China is likely to remain the ‘world’s factory’ for some time to come - 13th Nov 19
Gold Price Breaks Down, Waving Good-bye to the 2019 Rally - 12th Nov 19
Fed Can't See the Bubbles Through the Lather - 12th Nov 19
Double 11 Record Sales Signal Strength of Chinese Consumption - 12th Nov 19
Welcome to the Zombie-land Of Oil, Gold and Stocks Investing – Part II - 12th Nov 19
Gold Retest Coming - 12th Nov 19
New Evidence Futures Markets Are Built for Manipulation - 12th Nov 19
Next 5 Year Future Proof Gaming PC Build Spec November 2019 - Ryzen 9 3900x, RTX 2080Ti... - 12th Nov 19
Gold and Silver - The Two Horsemen - 11th Nov 19
Towards a Diverging BRIC Future - 11th Nov 19
Welcome to the Zombie-land Of Stock Market Investing - 11th Nov 19
Illiquidity & Gold And Silver In The End Game - 11th Nov 19
Key Things You Need to Know When Starting a Business - 11th Nov 19
Stock Market Cycles Peaking - 11th Nov 19
Avoid Emotional Investing in Cryptocurrency - 11th Nov 19
Australian Lithium Mines NOT Viable at Current Prices - 10th Nov 19
The 10 Highest Paying Jobs In Oil & Gas - 10th Nov 19
World's Major Gold Miners Target Copper Porphyries - 10th Nov 19
AMAZON NOVEMBER 2019 BARGAIN PRICES - WD My Book 8TB External Drive for £126 - 10th Nov 19
Gold & Silver to Head Dramatically Higher, Mirroring Palladium - 9th Nov 19
How Do YOU Know the Direction of a Market's Larger Trend? - 9th Nov 19
BEST Amazon SMART Scale To Aid Weight Loss for Christmas 2019 - 9th Nov 19
Why Every Investor Should Invest in Water - 8th Nov 19
Wait… Was That a Bullish Silver Reversal? - 8th Nov 19
Gold, Silver and Copper The 3 Metallic Amigos and the Macro Message - 8th Nov 19
Is China locking up Indonesian Nickel? - 8th Nov 19
Where is the Top for Natural Gas? - 7th Nov 19
Why Fractional Shares Don’t Make Sense - 7th Nov 19
The Fed Is Chasing Its Own Tail; It Doesn’t Care What You Think - 7th Nov 19
China’s path from World’s Factory to World Market - 7th Nov 19
Where Is That Confounded Recession? - 7th Nov 19
FREE eBook - The Investment Strategy that could change your future - 7th Nov 19
Is There a Stock Market Breakout Ahead? - 6th Nov 19
These Indicators Aren’t Putting to an Economic Resurgence - 6th Nov 19
Understanding the Different Types of Travel Insurance - 6th Nov 19
The Biggest Gold Story Of 2020 - 6th Nov 19
Best Money Saving FREE Bonfire Night Fire Works Show Sheffield 2019 - 5th Nov 19
Is the Run on the US Dollar Due to Panic or Greed? - 5th Nov 19
Reasons Why Madrid Attracts Young Professionals - 5th Nov 19
Larger Bullish Move in USD/JPY May Just Be Getting Started - 5th Nov 19
Constructive Action in Gold & Silver Stocks - 5th Nov 19
The Boring Industry That Hands +500% Gains - 5th Nov 19
Stock Market Chartology vs Fundamentals - 4th Nov 19
The Fed’s Policy Is Like Swatting Flies with Nuclear Weapons - 4th Nov 19
Stock Market Warning: US Credit Delinquencies To Skyrocket In Q4 - 4th Nov 19
Stock Market Intermediate Topping Process Continues - 4th Nov 19
Stock Market $SPY Expanded Flat, Déjà Vu All Over Again - 4th Nov 19
How To Buy Gold For $3 An Ounce - 4th Nov 19

Market Oracle FREE Newsletter

How To Buy Gold For $3 An Ounce

Gold Price Nearing Resistance

Commodities / Gold and Silver 2011 Jul 19, 2011 - 04:52 AM GMT

By: Joseph_Russo

Commodities

Best Financial Markets Analysis ArticleAs bullish as I am, and have been on Gold since 2003, I am still rather impressed with the latest run-up to fresh highs.   To be frank, I was expecting more downside beyond the recent pivot low at 1478, and was a bit surprised at how quickly the shiny metal took out its early May high.

Embracing the most bullish of Elliott Wave subdivisions from the primary 4-wave base at 681 in October of 2008, I am reading the current advance as an intermediate (3) wave along Gold’s long journey to toward completing its primary fifth.   Once done, the current thrust to fresh highs may mark all-of (3).


It is also quite plausible that the 5th wave at minor degree (currently in progress) may itself subdivide into some type of ending pattern, or trace out five-waves of advance at the minute (one smaller) degree of trend prior to capping wave (3).  

Despite Gold rapidly approaching short-term resistance at our noted uptrend channel, bear in mind that 5th waves in the commodities complex do exhibit a tendency to extend.



In closing, I thought it important to share an extremely short version of my philosophy and application of the Elliott Wave Theory.   In brief, I use the fractal geometry of Elliott Waves in the very same way that I use trendlines and trend channels.  

Relative to key terminal pivots in specific relation to trendline boundaries of varying size, the art of sequentially labeling these pivots (using the nine fractal degrees resident in the theory) provides me with a superior level of contextual framework from which to best gauge the maturity of trends.

Bear in mind however, that in stark contrast to Einstein’s (empirically quantified) Relativity, the tenets of Elliott's principles remain exclusively in the subjective realm of theory, and its efficacy in the hands of the interpreter.  

As such, though Elliott Wave Theory is an extraordinarily powerful tool when applied in the proper context, I am forever downplaying its role in my work as nothing more than an ancillary and dynamic method by which to observe price behavior resident within trend channels occurring amid varying timeframes. 

In other words, it is not wise to bet the ranch or even trade off of wave counts, which harbor the inherent propensity for dynamic and sudden change.

Technically Speaking Video



I trust and hope that you have extracted something of actionable value from this edition of Technically Speaking. 

Until next time,

Trade Better/Invest Smarter

By Joseph Russo

Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

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


Comments

Aloha Bobby
21 Jul 11, 01:22
Gold Resistance Does Not Matter

There is so much money to be made whether gold is on the uptick or downtick. Just have to know when to get in and get out.

For the longest time I was in the gold markets but not really OF them. I eventually, through a recommendation of an older friend of mine, found this forecast. Like everyone else, I was skeptical of ANY forecaster, but Gary Wagner is shockingly accurate. I'm not a millionaire or retired at 44, but I'm doing very, very nicely, so I suggest giving it a look: http://tinyurl.com/3wvd2mz


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules