Afraid to Trade Blog - Latest Comments in Updating Gold’s Expanding Daily Arc

Re: Updating Gold’s Expanding Daily Arc

sandew — Sun, 08 Nov 2009 10:24:07 -0000

"But gold might be the exception, because it represents ‘real money’ and more people are questioning the global paper money system, Prechter is reported to have said on Nov 7th. He believes while commodoties,stocks , debt, emerging markets will slide in wake of possible dollar strength soon; but not gold. (source investment postcards)

Re: Updating Gold’s Expanding Daily Arc

Name — Fri, 06 Nov 2009 09:22:22 -0000

Corey, thanks for your reply. The $USD is bouncing strongly on the unemployment report. This might be it.

Re: Updating Gold’s Expanding Daily Arc

Corey Rosenbloom, CMT — Fri, 06 Nov 2009 08:57:29 -0000

Thanks Dan!

Yes, Mr. Prechter believes gold is in a "B" wave that is ending nor or very very soon and then a C wave down is likely. Looking back longer, that does seem to be a logical count, and B waves can make new highs so the new high does not negate this count.

Much more upside in gold and we'll have to question just how 'corrective' this rally is.

Re: Updating Gold’s Expanding Daily Arc

Corey Rosenbloom, CMT — Fri, 06 Nov 2009 08:55:58 -0000

I actually labeled the 5-wave progression up before taking it down and choosing to focus only on the arc to simplify the chart.

Absolutely - clean progression up that - if the arc is broken - will be a powerful short-term sell signal, given that yesterday ended in a doji at the upper Bollinger Band (also not shown).

Re: Updating Gold’s Expanding Daily Arc

Name — Fri, 06 Nov 2009 08:21:44 -0000

I can see 5 waves in gold from the last impulse.........

Es tostado soon.

Re: Updating Gold’s Expanding Daily Arc

Dan de Man — Thu, 05 Nov 2009 23:08:03 -0000

Hi Corey,

You probably know this already but Robert Prechter is gold bear. Like you I like to remain neutral but there's nothing better than making quick money on the down side when this golden arc becomes a golden waterfall. When it happens it will probably be a bigger landslide for silver too. It'll be a 2 for 1 sale LOL

http://www.theglobeandmail....

All the best,
Dan