A
clip from a Getting Technical letter - Interim Update April 14, 2013 GT1400 an
analysis of the recent collapse in the price of gold
“The
good news - These torpedo-like moves tend to occur at the end of a bear and
never at the beginning of a bear” (and) “The shorter term intermediate study - both
gold and silver have built long and complicated 5-wave corrective triangles
(and) the price magnitude of the 5th and last selling wave is not predictable but
will end quickly and provide opportunity for investors to add to their
portfolio weight. The support levels are likely the hold and introduce the
continuation of the longer term advance.”
Note
the updated chart on CME gold – we see a large descending triangle which is a
bearish reversal pattern. There is a completed 5-wave count imbedded in a
typical A-B-C type correction. From the price peak we zigzag down to (A) then zigzag
up to (B) and then the collapse down to the final killer wave at (C).
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