Gold it is still tracking well in line with Elliott Wave expectations [which foretold] a rally from the previous low followed by a further decline to [as low as $1,650 before going onwards and upwards. Let me explain the steps that brought me to that conclusion.] Words: 683
So says Alf Field in edited excerpts from an article* posted on goldswitzerland.com which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited below for length and clarity – see Editor’s Note at the bottom of the page. (This paragraph must be included in any article re-posting to avoid copyright infringement.)
Field goes on to say, in part:
Before dealing with the current move, [however, let’s review just] what our expectations are. What we know so far is that:
- Intermediate Wave III started at $1523 and that we have a target of $4,500 for the end of Wave III,
- Wave III will consist of five regular waves which we will label 1 2 3 4 and 5.
- Regular waves 2 and 4 will be the anticipated 13% downward corrections described in my speech to the Sydney Gold Symposium. [See edited excerpts of Field’s speech here.]
- Regular wave 1 will consist of 5 minor waves which we label (i) (ii) (iii) (iv) and (v).
- Waves (ii) and (iv) will be downward corrective waves one degree small than the regular waves. Thus they should be about half the magnitude of the 13% of the regular sized declines, say about 6%.
- Minor wave (i) should consist of five minuette waves which we can label i ii iii iv and v.
- The minuette waves ii and iv will be downward corrective waves about half the size of the minor wave corrections of 6%. Thus the minuette corrections should be approximately 3%.
- An analysis of minor wave (i) below, showing the five minuette waves, results in a wave count as perfect as one could wish for and, as such, we can conclude that minor wave (i) was completed at $1792.
- i 1523 to 1665 +142 +9%
- ii 1665 to 1620 – 45 -2.7%
- iii 1620 to 1765 +145 +9%
- iv 1765 to 1706 – 59 -3.3%
- v 1706 to 1792 + 86 +5%
- Summary of (i): 1523 to 1792 +269 +17.7%
As described above, minor wave (ii) [suggested] a correction of approximately 6% [which] could range from 5% to 8%…An 8% of decline brings the $1650 area into play. If gold drops below this level we will have to consider other possibilities…
*http://goldswitzerland.com/index.php/what-happened-to-gold-on-leap-year-day-2012/ (To access the article please copy and paste the URL into your browser.)
Editor’s Note: The above article has been has edited ([ ]), abridged, and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
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Once this present correction in gold has been completed it should [undergo] the largest and strongest wave in the entire gold bull market…to around $4,500 with only two 13% corrections along the way. [Let me explain how I came to that conclusion.] Words: 1900
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