XJO, Gold, MOY and others, page-12376

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Anonandon

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08/11/24

07:42

Post #: 76509725
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Originally posted by ktrianta: ↑

Latest from Gary on X. Expects a scary and deep pullback based on fear. A sideways churn won't instil fear, but a drop to his $2,450 level will panic many holders, especially the late comers.

Interestingly, Rashad on X, stated he expects gold to bottom around $2,600.

Gary's comments from X below.

At bottoms I can't get traders to buy, and at tops I can't get them to sell.

Gold has now begun a larger degree intermediate correction. Just look at all the tweets on X from gold "analysts" predicting a quick bottom and turn back up. These are people that couldn't sell at the top. They are caught in an intermediate degree decline and looking for any excuse to remain in denial. This is the fuel that drives larger degree corrections. Lots of traders in denial and unable to sell. Eventually they panic sell at the bottom when price drops much further than they were prepared to hold through.

Then the process starts all over again. I call a bottom and tell people to start buying. Most are too shell shocked at this point to pull the trigger. They panicked out at the bottom and now all they can see are lower prices into the future.

Intermediate degree corrections (ICL's) can unfold as either a multi-month sideways churn (frustration) or a scary and deep pullback (fear). Either one will wipe out bullish sentiment and build the fuel for the next rally.

The April to August ICL was a sideways churn. I think this one will be the deep scary pullback type.

Until gold makes a lower low AND breaks the intermediate uptrend line (sometimes it can break it by a significant amount) it's too early to start buying.

There are other sectors to trade while we wait for the ICL in metals to run its course and reset sentiment. smartmoneytrackerpremium.com

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It pays to take Gary's level calls with a grain of salt.
1 Upvote

0 Great analysis

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