{"id":945,"date":"2011-05-17T14:54:37","date_gmt":"2011-05-17T18:54:37","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=761"},"modified":"2018-06-10T10:58:16","modified_gmt":"2018-06-10T10:58:16","slug":"the-dollar-bull-monkey-dance-will-end-badly-with-a-qe3-party","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/the-dollar-bull-monkey-dance-will-end-badly-with-a-qe3-party\/","title":{"rendered":"The Dollar Bull Monkey Dance Will End Badly, with a QE3 party?"},"content":{"rendered":"

David Banister- www.MarketTrendForecast.com<\/a>
\nInteresting to watch all of the Silver and Gold Bears running out into the streets from their caves beating their chests due to the silver shellacking we just saw.\u00a0 Getting jiggy with the US Dollar rally is all the rage right now, and stomping on the precious metals Bulls is the hot sport.\u00a0 The only problem is calling for a crash after a crash is kind of like picking the winner of the NCAA tournament at your office the day after the tournament ends.\u00a0 It\u2019s rare to get a crash on top of a crash, and trying to predict any crash is a fool\u2019s game anyways.
\nThe reality is the US can\u2019t even keep their continually rising debt ceiling in check let alone run a normal break even budget. The constant calls for the end of Q2 are kind of funny, because in one form or another, we will see a Q3\u2026 call it what you will. \u00a0Getting on board now with being bearish on silver or gold and bullish on the US dollar is probably going to be short lived near term.\u00a0 One of the confirmations I look for at bottoms is not just with my Elliott Wave patterns or charts, it\u2019s headlines, forecasters, and erstwhile market seers are going the same direction and high fiving each other.\u00a0 When everyone stops trying to call the top in Gold and Silver, then we will probably have a major top in 3 years or so, but not yet.
\nThe dollar should bounce a bit higher yet between 76.20-77 ranges on this chart below then resume the decline. .\u00a0 Giving the Bin Laden news credit for the Dollar rally is a bit silly to say the least; it was overdue no matter what the news of the day was.
\n\"\"<\/a>\u00a0
\nThe bottom line is that Silver was likely to top in the $45-$47 per ounce range after a huge rally from $26.50 whether or not the COMEX raised equity requirements. I had forecasted a run to the $45 highs way back in the mid 26\u2019s for my subscribers.\u00a0 I had mentioned that as we approach those highs, predicting the next \u201cD wave\u201d correction would be very difficult indeed.\u00a0 Certainly the COMEX raising equity requirements made that D wave that much more difficult to assess.\u00a0 The fact that they did it four times in one week certainly sped up the correction and caused an \u201coverthrow bottom\u201d. \u00a0
\nNow if we can step back and take a deep breath, we can see that Silver roughly retraced a Fibonacci 61% of the rally from 26.xx to $49.xx and this is typical of a major wave correction in sentiment and price.\u00a0 Gold has so far retraced 61% of its prior 3rd<\/sup> wave up, and that does happen as well.\u00a0 Investors and forecasters simply like to use the day\u2019s headlines to explain the action, so they can feel justified with what just occurred.
\n\u00a0I believe that the headlines don\u2019t much matter during rallies or corrections.\u00a0 Instead what matters is typical crowd behavioral patterns and trying to outline pivot highs and lows as best as I can for my paying subscribers.\u00a0 With Gold\u2019s recent bottom at 1462 being a likely \u201cA Wave\u201d of an A B C correction, we then saw a \u201cB wave\u201d rally as I forecasted would occur to \u201cAbout $1520 or so\u201d, and then a C wave so far to a higher low than $1462.\u00a0 I thought the pullback from the $1520 area would bottom at a higher level than $1462 and so far that is still the case.\u00a0 I am looking for Gold to rally past $1577 and complete a large 5 wave rally from October of 2008 at $1627 or higher.\u00a0 At that time, or close to that time, you will then be wise to take a fair amount of cash off the table.
\n\"\"<\/a>\u00a0
\nIndeed, we have had a stellar rally in Gold and Silver from the October 2008 lows and there will be eventually longer periods of consolidations and corrective wave patterns to work that off.\u00a0 However, my theory has been that we are in a 13 year bull cycle for the metals and this is like 1997 in the Tech stocks, still a few good years left and probably one of those 1999 years is still in front of us for the better gold\/silver junior exploration companies. Certainly after rallying from $681 in October of 2008 to the $1577 recent highs of April, we are getting a little long in the tooth on this multi-wave pattern to the upside.\u00a0 This next top at $1627 or higher will be followed by a multi-month corrective pattern, and I\u2019ll keep my subscribers on top of the coming moves as best as possible.\u00a0 Consider joining us now and save 33% off the annual subscription covering Silver, Gold, and the SP 500 with a 24 hour limited offer at www.MarketTrendForecast.com<\/a> and or sign up for occasional weekly reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

David Banister- www.MarketTrendForecast.com Interesting to watch all of the Silver and Gold Bears running out into the streets from their caves beating their chests due to the silver shellacking we just saw.\u00a0 Getting jiggy with the US Dollar rally is all the rage right now, and stomping on the precious metals Bulls is the hotMore<\/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":"\nThe Dollar Bull Monkey Dance Will End Badly, with a QE3 party?<\/title>\n<meta name=\"description\" content=\"The Dollar Bull Monkey Dance Will End Badly, with a QE3 party?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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