Monday, December 05, 2016 5:11:07 AM
Lets take it from the Beginning...Spot Gold
....from the Bottom in 2001...
Its really tricky and complex and exhausting to analyze the entire gold chart from the 253 Bottom in 2001.
But I'm giving it a good effort.
There are a few possible different Elliott wave counts.I'm still working on the whole picture. But this portion looks ok so far.... It shows the first set of Elliott waves in a pattern that is hitting the Fibonacci targets.Thats the essential formula I'm trying to use to see if it works ,or how well it works, or even works at all.
Looking at a chart with these tools breaks down the chart portions ,much like the way the Russian Matroyshka Dolls are identical shapes in smaller and larger sizes,that fit one into the other...the Elliott waves follow a pattern formula,as does the Fibonacci math, to craft small waves that fit within and become part of larger waves, these patterns are called Fractals. like small snails and larger snails, that share identical patterns,
So in this spot gold pattern, from the bottom at 253... it was developing a bottoming pattern, in fits and starts, that finally rallied and overcame the key moving averages down there around 270,the interweaving between the 50ma,20ma and 200ma, finally began its uptrend process,... around September 2001 (think 9-11 global reset for gold)... then in December 2001, gold held its support level at 272,and then 2002 began the new uptrend for spot gold.
As you can see on this chart, the first target completion zone that I call Elliott Wave 1,and matching alongside the Fibonacci target zones,is a Wave 1 completion around the 330 area.
From there the next cycle completion is around the 430 area. Continuing to build by using the Fibonacci tools and counting Elliott waves,presents the next cycle completion target zone around 720 area. and its not yet shown on the chart.
At this point ,in 2005,its still a projection based on using these tools together.
...and a year later in 2006, we get the target reached...
....from the Bottom in 2001...
Its really tricky and complex and exhausting to analyze the entire gold chart from the 253 Bottom in 2001.
But I'm giving it a good effort.
There are a few possible different Elliott wave counts.I'm still working on the whole picture. But this portion looks ok so far.... It shows the first set of Elliott waves in a pattern that is hitting the Fibonacci targets.Thats the essential formula I'm trying to use to see if it works ,or how well it works, or even works at all.
Looking at a chart with these tools breaks down the chart portions ,much like the way the Russian Matroyshka Dolls are identical shapes in smaller and larger sizes,that fit one into the other...the Elliott waves follow a pattern formula,as does the Fibonacci math, to craft small waves that fit within and become part of larger waves, these patterns are called Fractals. like small snails and larger snails, that share identical patterns,
So in this spot gold pattern, from the bottom at 253... it was developing a bottoming pattern, in fits and starts, that finally rallied and overcame the key moving averages down there around 270,the interweaving between the 50ma,20ma and 200ma, finally began its uptrend process,... around September 2001 (think 9-11 global reset for gold)... then in December 2001, gold held its support level at 272,and then 2002 began the new uptrend for spot gold.
As you can see on this chart, the first target completion zone that I call Elliott Wave 1,and matching alongside the Fibonacci target zones,is a Wave 1 completion around the 330 area.
From there the next cycle completion is around the 430 area. Continuing to build by using the Fibonacci tools and counting Elliott waves,presents the next cycle completion target zone around 720 area. and its not yet shown on the chart.
At this point ,in 2005,its still a projection based on using these tools together.
...and a year later in 2006, we get the target reached...
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