GOLD DROPS OVERNIGHT IN THIN TRADE BEFORE OPTIONS EXPIRATION TODAY.IS ANYONE SURPRISED ?
Once again Gary is always right. It could plummet to 1000 or stop at 1250 or...Garys forecast changes with the wind..he is a short term trader and even then is not that good. He has gone from predicting a massive crash to 1000 to a jump to 1400 then anywhere in between so no matter what he will be right..another snake oil salesman
Just taking it one day at a time. I called the exact top on Mar. 17 and I've been waiting ever since. If you listen to my interviews on Korelins show I've been saying all month that we would get a cycle low for gold at the end of May while almost everyone else kept getting sucked into every rally. Now we are moving into that bottom. We still have to take it one day at a time. If by chance gold were to crash down to sub 1200 then we put the capitulation phase back on the table. As long as it holds well above that level then we will get a final intermediate bottom in the next 3-8 days and the secular trend will resume. But I can't tell you which scenario is going to play out until I see where this daily cycle bottoms. But for right now continue to stay on the sideline. the cycle probably has further to fall this week.
A lot of people have been calling for a bottom in May-June period. Its just your forecasts are all over the place. I mean you have it all covered..if it drops to 1000 then you will claim you were right..if it drops to 1200 then you will be right..if it goes up from now then you will be right. You were talking about nasdaq going parabolic to 5000 then you said it could crash..I mean people like you change your mind so often that you can always claim you are right..thats my problem with your forecast. It really depends on what day we check your page. What usefulness is your forecast when it changes so much? Too many of you supposed stock market gurus play this game over and over. You waffle your forecasts in a way that you can always claim to be right. Lets face it..you have no clue what gold will do over the next month.
One has to adapt when the market changes. The Ukraine mess took the parabolic move in stocks off the table (at least for the time being).I start out with a macro view usually based on where my cycles suggest we are going and then adapt as need be when things change. At the moment I'm waiting to see where this daily cycle bottoms. it will determine my expectations for how to play the next move. If it crashes under 1200 then I will play for the capitulation scenario. If it bottoms well above 1200 then I will expect the bottom is in and position for a resumption of the bull. But I won't write it in stone because it could always change again.
You are looking for someone with a crystal ball that can look out years into the future and tell you what is going to happen and it just isn't going to happen. No one has that kind of predictive ability. We all have to adapt as circumstances change. So far though gold is doing exactly what I've been calling for based on my current cycle analysis. It should find a daily cycle low in the next 3-8 days.
Note: Only a member of this blog may post a comment.