I said last night that with spot gold and the futures back in the low to mid $360's they might take it down again, and sure enough they did. Sooner or later, I still think they will get run over, but I have no idea when that will be.
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mlsoft,
Nor do I, but that's OK.... I'm not in a hurry. I felt from day one that the envisioned bull market in PM's would be a multi-year event and tho I've seen factors that have led me to raise my price outlook, I've seen nothing yet that would justify paring the 'waiting period', however long that may be.
To me, it's not a "time well spent" scenario......
but one of "being well paid for my time!"
Of course, that presumes I have this thing pegged and that history will show me in a fair light. <VBG>
But I digress........ OL!
As you duly noted several times this week, the bad guys appear to have constructed some meaningful resistance at $365, a level that I thought relatively unimportant in the grand scheme of things until I received an email from a cyber friend who is a subscriber to Prechter's market letter and who saw my post to the board on the 15th.
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*** A question for the board ***
Serious question....
Are there any subscribers to Prechter's letter who can confirm or refute that his latest market letter has him doing an about face on Gold and has now joined the ranks of those looking for a $400 PoG
This info (BS?) was sent to me via PM last night from a threadster who claims he is a Precheter sub and read it there.
Considering the 'bad blood' between Sinclair and Prechter, I would've bet a bundle that Sinclair would've headlined Prechter's 180 by now if that had been the case.
I seem to recall a Prechter oriented messsage board somewhere.
Can anyone help?
Thanks in advance,
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Supposedly from Prechter's letter:
Gold remains at an exciting, but very important juncture. Yesterday’s close of $363.80 basis August, was just beneath the $365 level we cited as important. Today’s gap lower open was exactly what we expected to see if the one larger degree trend is indeed bearish. But now it is vital to this bearish trend that gold prices follow-through on the downside. The bearish count is that a series of ones and twos have developed off the $374.70 high (May 27). Yesterday’s $365.70 intraday high was the second wave of lesser degree within this series of impulse waves lower. If so, it should NOT be violated. This is important because the alternate count is that a simple A-B-C corrective decline unfolded from $374.70 to $351.50 (Jun. 12), as per the alt. line on the chart. This alternate implies that the next larger degree for gold is up, not down, and possibly significantly higher. So if you are trading gold you need to pay close attention. Sentiment figures still allow for a bigger decline if prices so choose, which is consistent with our top wave count. But it will be the pattern that tells the tale. We will continue to hold to our bearish view as long as prices do not close above $365.00. If they do, we would immediately exit bearish positions, because the implications are that prices are ready to rally to new highs. Depending upon the pattern, we might adopt a near-term bullish stance if we find an acceptable juncture for entry.
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Interesting, eh?
That makes $365 a much bigger deal than I thought.
I especially like the "We will continue to hold to our bearish view as long as prices do not close above $365.00. If they do, we would immediately exit bearish positions, because the implications are that prices are ready to rally to new highs." part because I'm certain it will happen sooner than later.
I wonder if Prechter has a big following?
Well the rain has finally stopped so I'll have to cut this a bit short so I can toss a chugbug off my dock for a while.
The surface is like glass and we've got a half moon abeaming .....
I wish I could get a confirmation.... for the record.
Out of curiousity, what day did gold close at 363.80, the price RP mentioned above.
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