technical analysis of longterm USDollar and GOLD ***
the momentum DXY swing from 92 to 99.5
now indicates a move to 92 - 7.5 = 84.5
it is obviously not that simple
stockcharts.com[h,a]daclyyay[df][pb50!d20,2!f][vc60][iUb14!Uh15,5,5]&pref=G
I see an Elliott Bear Wave system here
the first triple leg down completed this early summer
this constituted a major wave #1 completion
the correction did not violate the winter highs just above 100
now we are set up for a major wave #3
A FUCHING MONSTER WAVE DOWN
anyone who regards this as positive has rocks in his head,
larceny in his heart,
and utter deception as his primary motive
just some simple Elliott arithmetic
the major wave #1 went from 121 to 92, or 29 points
major wave #3 typically is 50-60% larger than wave #1
so 44-47 points down is the target from about 100
next longterm USDollar DXY target is around 55
the time duration is roughly the same for each major wave
I am not a bonafide expert with this stuff
but I am reasonably well schooled in it
THE NEXT MAJOR WAVE #3 WILL COINCIDE WITH GOLD'S
it went from 265 to 385 in its major wave #1
120 points of potential was realized
now the new major wave #3 for gold began at about 325
stockcharts.com[h,a]daclyyay[df][pb50!d20,2!f][vc60][iUb14!Uh15,5,5]&pref=G
use the same arithmetic, with 50-60% larger upleg
180-192 pts up is the target from 325
next GOLD longterm target is 505-517
the next nearterm GOLD target can be calculated from the nice clear bull triangle
low of 325, high of 375, gives 50 pts of potential
so a nearterm target of 375 + 50 = 425
anyone who thinks this is crazy ???
get back to me in two years !!!
first 425 GOLD, then 510 (this is all rough)
/ jim |
