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April 17, 2008

Golden Waves

The graph below zooms in on wave 1 of Primary Wave 3 of the gold bull market. The numbers in red further break down wave 1 of 3 into 5 minor waves.

stock chart

It appears that minor wave 4 of this wave has completed. Since waves 1 and 3 both traversed $220, we can expect wave 5 to cover the same. Therefore, Elliott analysis gives us a target of $1,100 before a larger correction ensues (the larger correction would count as wave 2 of Primary Wave 3 and should take an A-B-C form).

 

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