Another interesting tidbit on gold

From the Kitco BB (Text in blue is the poster's response):

"Quote:

Originally Posted by showtime What is the odds that c of (ii) ended already at 1101 and we are already in (iii) of {iii} of 3? It could but not my preference Could the mkt be that strong, that the (ii) correction was just 36 hours? hmmm doubt it, it would be healthier for the bull to relax just a bit more, IMHO, DYODD. If you are short would you say you better cover with a stop around 1128 or would you say your opinion would still be stop at 1123 or so? mine is just above 1123. But if you have that kind of risk tolerance, then a short stop above 1128 could still be profitable Where is the highest b of (ii) could go before its no longer valid? I would say that above 1138 would lead to a greater break-out into (iii), proving a very small correction for (ii) did in fact occur. You have said in the past, if the mkt goes over 1135, get long as fast as you can? Is this still your opinion? oh yeah! there is a very prominante multi-year channel line just above us now at 1132, a 1/2%+ ($6.00) breach or 4hr close above this level, would likely indicate that we are into mania, the majority of buyers do not care about technicals, they just want thier gold and want it now, at any price. A pure emotional response to the market, another signature of the 'point of recognition'. My concern on the (iii) of {iii} of 3 is the mkt never lets people get in easy. Its either going to be a big shakeout that will get many longs to exit around 1080- 1100 range or it just simply never pulls back to 1080 to 1100 range as (ii) is already done. My observation also, no more pussy-footing around, wild swings are going to become more common. I get the feeling as well, many mid-term traders are on the sidelines right now, looking for trend confirmation. A big move is very near.

The market is currently producing daily swings of 1-2% and having weekly swings of 3-5%. As the bull progresses further, we may start to see 3-5% daily swings and 8-12% weekly swings. When the gold bull is near toping out, I suspect to see daily swings of 8-12% ($100+)."

Market had a large jump at 2300 GMT to 1125+ and sideways since then.

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Hit 1130+ briefly.

I'm pretty happy with copper (pcu) but that low volume makes me think a top is near.

In an update to the linked thread above:

"

Quote:

Originally Posted by neildavis2002 Quad, It looks like POG did in fact climb above 1123 in its opening hours, making another new all time high. Are you looking at this as an extended b wave still? Looking forward to see if the super-bull plays out. Scary times ahead if it does. Looks like Bernanke may have been able to squash the deflationary bug after all. We'll see. Looking forward to your insights. Thanks.

yes I think this is b of (ii) still with c of (ii) down startng soon.

There is a significant pocket of resistance between 1027 and 1033 [Ed. he meant 1127 and 1133], not likely to be taken out on the first try, or even second try, but 3rd time should breach it for sure.

Pog still plenty bullish above 1084.

FYI: EW rules state that waves 2,4,B,X,XX,W,Y,Z,ZZ cannot be 5 wave impulses. They must be 3 wave corrections of some form (A 5 wave sideways triangle is considered a correction, not an impulse). So this move up from friday, so far does not look impulsive to me yet, it looks like a double zig-zag. However, if Pog stays above 1116 and goes to 1130 -1133 before monday is done, then we may have our impulse, so get in quick on the next higher-low, for the possible moon-shot. A fall below 1110 into monday early will kill this view, and suggest a day or two of more corrective behavior, perhaps the wash-out to 108x.

we'll see....

silver, should remain in the triangle presented earlier if POS stays below 17.80, and then correct down with gold into wave C target 16.40 - 16.70. Any move below 16.10 brings much more bearishness.

There is some firm support for crude between 75 and 75.75. I will be looking for a 4 turn bottom."