I recently began to wonder if the GLD model wasn't looking strange and it makes me strongly wonder if we have really bottomed here on ABX.
We did indeed get a pullback and then a higher high but I am now beginning to suspect that I am off by 1 wave here per the threat model above.
I think we have to at least consider the possibility that the pullback to $10.50 was 4 of C of 4. If I'm right about this then this will likely hit the upper rail as show and then reverse hard back down through upper and lower rails as shown to find a lower low. But I would begin to worry quickly about any break of that lower rail for now.
2 comments:
Eric Hadik Feb.10 interview on gold and stock market:
Hadik thinks gold has already bottomed.
http://financialsurvivalnetwork.com/2016/02/eric-hadik-gold-taking-off-as-long-ago-predicted/
I am also bullish on gold longer term but I have to go with the EW count as I see it and right now I see a potential lower low as being possible. I think it just means that I continue to suggest using stops or even selling preemptively if we see the top rail of my model hit. If that top rail is hit and then we get 5 waves back down then I don't think it can be ignored.
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