)
SUMMARY
For those who are considering to buy GOLD either as bullion, coins or ETF, perhaps the below chart could help augment your analysis:
Note how the white impulse waves showed a clear five wave impulse. Note also how the fifth wave was extended. Extended fifths often is a warning sign of a very deep and painful correction and the retracement could be as much as 86.6% fib level which is square root of the 0.78 fib station. The bear flag is also quite uncanny on how it completes the red wave 2 of (c).
To me, this chart is screaming out the ZIG ZAG Elliott Wave correction in the form of 5,3,5 waves!
STRONG SELL!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
I feel like there is too much paper manipulation driving the prices of precious metals down. Take a look at the charts going all the way back to 2011. If you bought back then, you have a ways to go before even breaking even.
Thanks haejin, I have actually been considering buying some gold. That picture makes for a pretty unpleasant couple of years :/
i was planning to buy as hedge against cryptos
I am never selling my silver. Even if goes to a dollar. Hah. I like to stare at my Engelhard bars when I’m bored. Lmao
Me either but after a correction like that i will ladder in for more on C!
Is this because the old gold money is flowing into crypto?
If I'm not buying it physically I'm not buying Gold.
thanks a lot dear. for.your next content sharing
What are your thoughts on Silver?
This is actually a really good find. The fact that gold is going to be suppressed to these levels says that the future in crypto is going to be strong. I am a crypto investor but I would take gold and silver over cryptos any day of the week. The main reason I am crypto stacking is to transfer it to true historical wealth. Please do a follow up on this and also on silver. Silver is the big indicator of our future because when the price breaks our world will change as we know it since all cryptos require silver to work.
thank you for this
take a look
last time one of these charts were made is when vtc was compared to btc --
vtc went up big time --
now its possible VRC will do the same ,,take a look
You forgot the north Korean Rockets in your analysis.
They are stacked right next to Iraq's WMDs, no doubt.
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Thank you so much for posting your knowledge, very grateful!
Ouch...not what I expected...I had begun to sell off stocks and put more into gold funds...interesting situation...
@haejin, Thank you for this! It's crazy to see how the patterns hold true over the course of days, weeks, months, and in this case, years. I would imagine the real estate market would have similar looking waves! On a different note, could you please do an analysis of SHIFT/BTC? I believe that it's about ready to explode upwards but I would appreciate your opinion. Thank you!
What about owning a good mining stock or Gold Royalties company like Sandstorm Gold. I'm not in stocks. I've been messing around simulators and miners seem the best pick if you know to spot BS and want to go long on Gold.
I wish their was a Gold short for cryptos
It is possible to short bitGold on the bitshares decentralized exchange. One would borrow bitGold into existence, using BTS as collareral, and sell on the exchange. When price of bitGOLD drops, buy back at cheaper price and settle position.
unfortunately no matter what bitGOLD pair I select when I try to borrow bitGOLD I get the message "No valid feeds for GOLD" - never seen that before
Strong sell sounds a little harsh to me. Potentially many bullish things happening that might propel gold higher, but nothing is certain of course. My guess is more of a sideways movement for some time, but let's see! This is more from a fundamental point of view, of course.
On the technical side, it is not really clear that this was an extended 5th to me. My understanding of Elliott waves is that it makes more sense to look at percentage movements or log scales when dealing with larger time frames. On that note, wave 3 was clearly the longest. So in that case, maybe the correction is about done?
What do you think? And thanks, keep up the good work.
And that's against the dollar.. imagine that against btc. with gold that low could be opportune time for massive powershift from the 'high priests' (of gold/power) to ??
copper, silver, data, global free market networks DAOs?
Haejin what are you seeing on copper price which is one of the best indicators for the global economy?
To the Equities. I project DOW 40,000 in 9 months or so. the parabolic run for equities are happening.
"Melt-up" this is the ideal for big heads... And any way out of this system is ideal for the rest of us. After melt up in stocks and bonds- collapse... cryptos will be sent to outer space... real estate in certain areas will moon and others become what they should be worth 1/10th or less. What will the next upcoming 'black swan' "event" do? I am still bullish on silver however thanks to Haejin.. It is really time to look at a chart of it again. Thank you. Silver making new highs within the next 18 months... https://www.tradingview.com/x/eSNweWSz/ if current retrace holds above $15.50 no seriously cannot put any time on it.
It's looking ABC correction wave not zig zag. Print pri. pr. p. p. p. p. digital shit just print USD. Fed (feed) just printing usd dollar for whom. Gold same as Btc.
You are correct again. I am no EW person just trends and a bit of technical and thats what I see. Thank You for confirmation. You and me will be meeting if I become rich in money (If u allow me)?
Buy at the bottom!
Perfect timing! I was thinking about buying hold just this morning...I will wait for the sale first :)
Coincides perfectly with the deflationary collapse i think is coming..the beautiful thing is that BTC and others are deflationary so it will be interesting in the next few years...not sure how it will react during the collapse (good IMHO because there is limited supply and considered a store of wealth) but it may follow prices of all assets including commodities since Futures will now be in the market...but when the governments are forced (or decide actually) to hyperinflate to try and thwart deflation, i think we will be one of the few people that are able to save our purchasing power
Forgot about gold for awhile. Sold silver at 17 for more crypto. Very happy.
Where do you see it going after the correction? Clif high has been hinting at a turn up in G/S in Dec. But he hasn't been right on metals but as good as you have been on Elliot wave.
This is perfect. In 2020, we will all be buying that with BTS, which, by then, will have massive value.
I wisch you all MASSIVE profits.
Thnaks Master, can you give us analysis for silver? thanks a lot
I don't think you can make an assumption like this with mere technical analysis. Especially since gold is an asset that reacts to the behavior of fiats as well as monetary policy in countries. I.e. a government that brings interest rates from 5% to 1% would be a very bullish sign for gold in that specific countries currency.