Very Long Term Gold And Silver Charts/Elliott Wave
The very long term gold and silver charts at http://www.the-privateer.com/chart/gold-sil.html show just how clueless the vast majority of gold writers are. It doesn't take much brainpower (just a quick glance at the charts should do it) to realize that the huge (Wave 5) spike (Wave 1 Cyclical Bull Market peaking) that occurred from 2005 until May 2006 was very important peaking action for gold and silver.
To create the Secular Bull Market/very long term upcycle trendlines for gold/silver connect the cycle lows from 2001 until just before the huge spike from 2005 until May 2006. Doing so one arrives at (target ranges below were derived from eyeballing the charts) Wave 2 Cyclical Bear Market cycle low target ranges of $480-520 for gold (I've been saying $525-550 based on a previous chart I saw, but will probably change to $480-520) and $8.50-9.00 for silver, with their current spot prices at $613.00 and $12.45.
In the very long term gold and silver charts at http://www.the-privateer.com/chart/gold-sil.html one can see that gold and silver's Wave 2 Cyclical Bear Market since May 2006 has done a Wave A down and a Wave B up, and, is currently in Wave C down along with HUI/XAU.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 6 and 8 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 7 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
To create the Secular Bull Market/very long term upcycle trendlines for gold/silver connect the cycle lows from 2001 until just before the huge spike from 2005 until May 2006. Doing so one arrives at (target ranges below were derived from eyeballing the charts) Wave 2 Cyclical Bear Market cycle low target ranges of $480-520 for gold (I've been saying $525-550 based on a previous chart I saw, but will probably change to $480-520) and $8.50-9.00 for silver, with their current spot prices at $613.00 and $12.45.
In the very long term gold and silver charts at http://www.the-privateer.com/chart/gold-sil.html one can see that gold and silver's Wave 2 Cyclical Bear Market since May 2006 has done a Wave A down and a Wave B up, and, is currently in Wave C down along with HUI/XAU.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 6 and 8 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 7 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
8:28 AM
