shakeout coming, page-41

FWIW,

As with most EW analyses,they have multiple targets and scenarios,but this fits my thinking of a major shakeout before lift off.

It also implies to me that money tied up in gold is dead money in the short to medium term.

Better opportunities just about anywhere else IMHO.

Gold: Pattern Recognition and Pattern Repetition
by Eidetic Research

The exit thrust from the broad range reached a Comex official session high at $1,017.50 in March 2008. That level from $729 was 66% of the distance of the broad range A - A'. The aggressive reversal from $1,017.50 accompanied by a peak in the long-term stochastic momentum indicator implied that further consolidation or correction would follow before prices moved above $1,017.50. As you can see, that has happened. Corrective weakness during 2008 reached an official session low at $696.60 in October. While that level was marginally below the $729 area of probable support, selling pressure was not sufficient to force values decidedly back into the 1980 - 2007 range - an event that would have nullified the 2007 upside exit. The long-term trend in gold thus remains up with the broad price swings of 2008 and 2009 appearing to be a classic pullback to and consolidation on top of a previous trading range. When we consider that the trading range spanned a 27-year period and that the uptrend phase to the 2008 high lasted either 8 years or nine and a half years, the ongoing consolidation which has thus far lasted only 15 months could be further prolonged. We would not be surprised at that scenario which could include another probe into the $729 - 696 support. That would be constructive price action in that it would both support another lengthy price advance as well as dull much of the bullish enthusiasm that currently dominates the market. However, factors considered below raise the prospect for an early end to the 2008 - 2009 consolidation.

http://safehaven.com/article-14142.htm