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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 414.48

+0.7%

Jan 9 4:00 PM EST

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From: gold$10k	8/24/2011 10:50:28 PM
	4 Recommendations Read Replies (1) of 29622

Crazy thought of the day... but maybe not so crazy. In today's commentary, Jim Sinclair writes... "You have heard from me on this gold reaction. Now hear from the extremely accurate Alf fields: “The good news is that once the anticipated correction has been completed, gold should commence intermediate Wave 3 of Major 3. This should be the longest and strongest up-wave of the entire Bull Market. Expect high volatility and very high prices during that up-wave.”" http://www.jsmineset.com/2011/08/24/the-heart-of-violent-markets/ so I dug up Alf Fields' last update of January 18, 2011 (when the POG was $1350) in which he estimated a likely peak for the end of intermediate wave I of Major Three of somewhere between $1558 and $1642 and then wrote... "This concludes the end of intermediate wave I of Major Three. The decline to follow the peak of wave I, (the peak being somewhere between $1558 and $1642), should be of a magnitude of between 16% to 22%." jsmineset.com My crazy thought is that the parabolic rise in gold that just ended Monday was the kind of wild conclusion one would expect for a wave I of Major Three. If this is actually the case, then a 16% to 22% decline would be a POG bottom in the range of $1496 - $1611, which is also compatible with the Maund H&S target of $1532. As ever, this is for entertainment purposes only.

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