Friday, September 25, 2009
Gold and Silver Declining in 5 Waves; September 25, 2009
As I mentioned in earlier posts, silver's daily RSI was at the oversold level that has marked several major tops in the past. It reversed sharply ever since, and now it along with it's partner gold are tracing out 5 wave declines. Above is a 1 hour gold mini futures chart.
With 5 waves being traced out so far in the metals, the indices falling healthily in unison, the EUR/USD looking like it's formed a top, and the british pound breaking down from a big head and shoulders pattern, the evidence is building that "THE TOP" may be in. Still waiting for confirmation. We're not there yet, but it's looking encouraging across the board.