............Gold Is Basically Done For A Long Time
Gold hit a major 5% follow through sell signal last week (broke the multi month uptrend line by more than 5%), see http://stockcharts.com/charts/gallery.html?%24gold. This is BASIC TECHNICAL ANALYSIS. When a well established uptrend line clearly breaks down you CAN'T ignore that. What you should ignore are the gold SCAM ARTISTS and nitwits.
Even if you doubt Trade the Cycles basic technical analysis indicates that gold should be avoided for a long time. Gold might put in a modestly higher double top in a few months, but, gold is basically done for 18 months or more (will probably experience a Wave 2 Cyclical Bear market).
Gold's primary Secular Bull Market uptrend line is at $500ish right now, see chart two at http://www.joefrocks.com/GoldStockCharts.html, so, gold is very untimely for long term investors. Gold/any investment is only timely for long term investors near it's primary trendline.
Gold and silver had two Cyclical Bear Markets in the previous Secular Bull Market that peaked in 1980, corresponding to Elliott Wave 2 and 4 downcycles, see http://tradethecycles.blogspot.com/2008/03/gold-and-silvers-two-cyclical-bear.html.
Trust me, IGNORE the con artists. I know for a fact that some of the gold writers have gotten into trouble in the past. I believe that at least one even has a criminal record.
Any gold writer who deceives readers about gold's prospects for personal gain is engaged in criminal fraudulent activity, keep that in mind, see http://tradethecycles.blogspot.com/2008/03/fraud-is-deception-made-for-personal.html.
Gold and gold mining scams are commonplace, see http://tradethecycles.blogspot.com/2008/03/gold-and-gold-mining-scams-are.html.
....... http://www.JoeFRocks.com/ .
Even if you doubt Trade the Cycles basic technical analysis indicates that gold should be avoided for a long time. Gold might put in a modestly higher double top in a few months, but, gold is basically done for 18 months or more (will probably experience a Wave 2 Cyclical Bear market).
Gold's primary Secular Bull Market uptrend line is at $500ish right now, see chart two at http://www.joefrocks.com/GoldStockCharts.html, so, gold is very untimely for long term investors. Gold/any investment is only timely for long term investors near it's primary trendline.
Gold and silver had two Cyclical Bear Markets in the previous Secular Bull Market that peaked in 1980, corresponding to Elliott Wave 2 and 4 downcycles, see http://tradethecycles.blogspot.com/2008/03/gold-and-silvers-two-cyclical-bear.html.
Trust me, IGNORE the con artists. I know for a fact that some of the gold writers have gotten into trouble in the past. I believe that at least one even has a criminal record.
Any gold writer who deceives readers about gold's prospects for personal gain is engaged in criminal fraudulent activity, keep that in mind, see http://tradethecycles.blogspot.com/2008/03/fraud-is-deception-made-for-personal.html.
Gold and gold mining scams are commonplace, see http://tradethecycles.blogspot.com/2008/03/gold-and-gold-mining-scams-are.html.
....... http://www.JoeFRocks.com/ .
Labels: Gold
posted by Joe Ferrazzano at
4:25 PM
4 Comments:
Gold is down about -$20 early today 3-28, and, already went to the moon. However, Wave 3 and 5 Cyclical Bulls probably lie ahead for gold, after a likely 18 monthish Wave 2 Cyclical Bear Market.
A Wave 4 Bear should occur between the Wave 3 and 5 Bulls obviously. Gold might exceed $2000 at the Secular Bull Market cycle high in 10-12 years, but, will probably fall to $525ish in the Wave 2 Bear. Ignore the rantings of looney ignorant corrupt old men. Buckle up!
By
Joe Ferrazzano, at 7:12 AM
Have one of the gold "gurus" (what a joke) explain how a major worldwide economic downcycle is good for commodities demand? Hello!
The gold freak show continues unabated.
By
Joe Ferrazzano, at 7:25 AM
It looks like the S & P 500 (SPX) entered Wave 5 early today of it's big short term Wave 1 upcycle since 3-17. SPX is doing an intraday Wave 1 right now. In a Wave 2 intraday pullback I'll look to trade one of the major averages ETFs and/or options long.
By
Joe Ferrazzano, at 7:35 AM
Actually, I'm waiting for reliable lead indicator Walmart (WMT) to clearly break it's very short term downcycle on the intraday 5 day candlestick chart before looking to trade the major averages long.
By
Joe Ferrazzano, at 8:33 AM
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