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.
Monday, May 4, 2009
Gold Better Fall ASAP if count is to Remain Valid; May 4, 2009
Gold rallied sharply today which is the exact opposite of what should occur if wave 3 at multiple degrees is unfolding. Gold should not go above $920 and should actually selloff sharply this week for this count to remain valid. My hard stop is at $950 but if I see another strong day tomorrow above $920 I'll most likely exit most or all my short gold position.
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