Notice that a diagonal (wedge) is developing. If we are expecting a bull run then these 3 wave pattern from the Oct 2012 top needs to hold. A brief rally up and a new low would suggest we are in a longer term down trend (5 waves).
Friday, 4 January 2013
GOLD daily
A divergence on Stoch. would trigger a buying opportunity. In the mean time trend is still down until it crosses up.
GLD is used as Daily charts have not updated yet.
Notice that a diagonal (wedge) is developing. If we are expecting a bull run then these 3 wave pattern from the Oct 2012 top needs to hold. A brief rally up and a new low would suggest we are in a longer term down trend (5 waves).
Notice that a diagonal (wedge) is developing. If we are expecting a bull run then these 3 wave pattern from the Oct 2012 top needs to hold. A brief rally up and a new low would suggest we are in a longer term down trend (5 waves).
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