Someone is always right.
Came across this site the ELLIOT WAVE lives on over the weekend. The following is directly quoted from Tony's most recent post. I don't have his optimism but its an opinion worth presenting.
He had this to say on gold:
LONG TERM: BULLISH
We continue to maintain that the bull market from the October 2002 continues. Four primary waves have been completed and we are in a subdividing fifth wave. Major wave 1 completed early this year, and its correction wave 2, completed in late April. The advance into the early August highs was intermediate wave i of major wave 3, and its correction into the October lows wave ii. Major wave 3 is subdividing! Currently we are in intermediate wave iii, of major wave 3, of primary wave V. This implies: upon completion of this intermediate term advance ending wave iii, a correctional wave iv should then occur prior to another intermediate term advance to end major wave 3. Then a correction of this entire wave 3 will then occur, only to be followed by another intermediate term advance to new highs to complete the bull market. Stay bullish, we have a long way to go yet.
He had this to say on gold:
GOLD: NEGATIVE
The Gold market has been somewhat of a surprise. I see no fundamental reason for its advance other than it has been depressed in price, for over twenty years. It is not money, those days are long gone. It does not bear interest or dividends. It is merely a precious metal: less so than platinum, or even titanium for that matter. However, it has had a good run of late, and I posted a chart for the first time last weekend on Elite Trader, per a request. Interestingly enough, it looked like it had peaked in a blow off fifth wave top. And, this week it really sold off. We'll keep an eye on it from week to week as we do with the others.
