{"id":1043,"date":"2011-09-26T12:50:28","date_gmt":"2011-09-26T16:50:28","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=1043"},"modified":"2018-06-10T10:57:40","modified_gmt":"2018-06-10T10:57:40","slug":"gold-continues-to-correct-as-forecast-in-a-4th-wave-pattern","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/gold-continues-to-correct-as-forecast-in-a-4th-wave-pattern\/","title":{"rendered":"Gold continues to correct as forecast in a 4th wave pattern"},"content":{"rendered":"

David A. Banister- www.MarketTrendForecast.com<\/a> <\/strong>
\nI got a bit of hate e-mail over the last few weeks from the Gold Bugs who thought I didn\u2019t know what I was talking about when I forecasted a multi-month consolidation and correction in Gold was imminent. I\u2019ve written ad nauseum about crowd behavioral patterns as they related to both stock markets and precious metals.\u00a0 It should not come as a surprise that Gold is continuing to drop after a 34 Fibonacci month rally from $681 to $1910 per ounce.\u00a0 That rally came in five clear Elliott Waves and ended with a parabolic race to the top.\u00a0 I consistently warned my subscribers and readers of my articles about not being caught holding the bag and to take defensive measures.
\nMy most recent update was to simply try to figure out whether the continuing correction in Gold would take the form of an ABC pattern or an ABCDE Triangle Pattern.\u00a0 It is becoming more clear that the official pattern is ABC.\u00a0 In English it means that the first leg down from 1910 to 1702 was the \u201cA\u201d Wave, the rally back up to 1920 was the \u201cB\u201d wave.\u00a0 The C wave is continuing underway and one of my longstanding targets is $1643, which is a Fibonacci fractal relationship to the prior lows and highs, and also conveniently fills in a \u201cGap\u201d in the Gold chart in the 1650\u2019s.
\nDuring these 4th<\/sup> wave consolidation periods, it reduces sentiment back down to normal levels and lets the economics of the move in Gold catch up with the price action that was extended. The first area to watch is the re-test of $1702 spot pricing for a C wave low, but the evidence is for a further drop to $1643 before I would get too interested in trying to game Gold to the upside.
\nHere is the chart I sent out 9 days ago with Gold at $1837 forecasting a possible C wave continuing lower
\n\"\"<\/a>
\nI\u2019ve stayed away from either shorting Gold or going long gold while I watch and confirm the 4th<\/sup> wave pattern.\u00a0 It\u2019s simply the smart way to go knowing that upside will be difficult to obtain and downside risks are high.\u00a0 It does now appear that I am eliminating the Triangle pattern and sticking with the ABC Correction with the C wave still working its way lower.\u00a0 If $1702 breaks, then you should expect to see 1620-1643 as next pivot low ranges.
\nIf you\u2019d like to stay ahead of the SP 500, Silver, and Gold trends, check out TMTF at www.MarketTrendForecast.com<\/a> and take advantage of our free occasional reports or a 33% 48 hour coupon to sign up for 5-7 updates a week.<\/p>\n","protected":false},"excerpt":{"rendered":"

David A. Banister- www.MarketTrendForecast.com I got a bit of hate e-mail over the last few weeks from the Gold Bugs who thought I didn\u2019t know what I was talking about when I forecasted a multi-month consolidation and correction in Gold was imminent. I\u2019ve written ad nauseum about crowd behavioral patterns as they related to bothMore<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"\nGold continues to correct as forecast in a 4th wave pattern<\/title>\n<meta name=\"description\" content=\"Gold continues to correct as forecast in a 4th wave pattern\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/gold-continues-to-correct-as-forecast-in-a-4th-wave-pattern\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold continues to correct as forecast in a 4th wave pattern\" \/>\n<meta property=\"og:description\" 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