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Wednesday, November 11, 2009

Gold Long Term Revisited

UPDATE: As mentioned in comments by Joe, I forgot to mention the Inverse H&S which gives quite a high target.

I had Gold in a wave [5] count recently

However it blew by my targets and now I actually have likely a better long term count. The whole sideways mess I'll label as a classic double (perhaps even a triple) three count with a triangle in the final positon which is where one would exactly find a triangle.

The whole thing makes more sense which is why I am kicking myself for not seeing it before.

But now Gold is likely in a 5th wave and, as a commodity, it can have a blowoff top (rather than a rounded one). Just think oil last year.

So this supports my overall equity count that the markets may be in a final zigzag sequence eventual higher highs.
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