Gold Again: The Fibs don't Fib
Updated
Here is another look at Gold on the all-time chart. Indicators are directional movement index, correlation coefficient with BITCOIN , and a set of Bollinger bands . I like my bands to be drastic and i use OHLC average method, the reason being that I want to see all those fluctuations, I want the constrictions to be painfully obvious because constrictions signal a potential move. I'm also anticipating a strong support and bounce off the 38.2 Fibonacci line. Price could come down as much as $200 (though this is not guaranteed) in following an Elliott corrective wave (4) before continuing upward in a culminative, motive wave (5). Happy Hunting Everyone
Note
Anticipating a buying frenzy once Gold smashes through 1300 again, whatever happens today is important to intermediate and long-term prognosis. Make sure your teeth are sunk deep into that market :)Note
smash complete but these are just lil baby ripples in my opinion. trade the short term waves with a tiny percentage of your posititon, maybe use some leverage ONLY if you are advanced. Otherwise, buying in and just HOLDING LONG, trying to surf that tsunami wave upwards for a good long few years 3-5 and possibly on a 15-25 year cycle. Keep Hunting, and Keep Holding, JNUG all day. Bitcoin is gonna smash 5 thousand, I need a lawn chair and popcorn for this.Note
looking at a potential breakout to the upside in Gold here, I'm long on it, I've been long on it. If it does go it could be a good-size move to the upside, the weekend could be a nice gap trade. What if markets open Monday and gold is $4-500 more valuable than it is tonight, or at closing tomorrow? Whatever happens is going to be interesting and I will be watching closely. Silver markets are also looking very attractive at these prices. Consider yourself warned and informed.
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