Well, the headlines were piling on strong today with doomsday predictions for GOLD and pie in the sky predictions for Crude oil!
Of course this is perfect timing as usual because;
Extreme sentiments always appear at the end of a trend,
when people tend give in to the unrelenting price move, which has already happened!
Here are a few screenshots of those headlines!
There is an equal and opposite reaction building in these markets right now!
And the fear in the GOLD market and Greed in OIL market will reap their just rewards!
UPCOMING RISK EVENTS:
My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new all time high.
Long term wave count: wave [iii] above 1666.
GOLD is completing a series of minor fourth and fifth wave lower lows at the moment.
The process is all part of the completion of wave '5' pink and the higher degree abc correction within (c).
The 4hr chart shows the beginnings of a bullish divergence,
With a turn up in RSI,
And a severe oversold MACD line.
All of which actually paints a very bullish picture.
Although you would not know it by looking at the news on GOLD!
Heres CNBC's headline today.
"Gold is getting hammered as the dollar soars, and it could plunge another 7% from here"
Notice the use of the word, PLUNGE!
As expected, - people get dramatic at the exhaustion point of a trend!
I will stick to the elliott wave pattern rather than screaming about the sky falling, thank you,
and the price pattern is now creating a bullish opportunity which will be unrivaled for years to come.
I remain on the look out for a bullish Elliott wave indicator signal off these lows.
Next weeks action may offer us that chance!