This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Tuesday, January 6, 2009
Gold Dropping in 5 Waves; Jan. 6, 2009
Above is a 30min gold futures chart from this morning showing what looks like two 5 wave declines. Also, the EUR/USD has dropped below a strong support level indicating that gold and silver's next declining phase is underway. My gold target is in the low $600 area.
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