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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


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