"So far yes- the value is getting better. Why? The long term value gets better the cheaper it gets if you believe as I do that the gold price is being manipulated lower and that it will move much higher over time."
Hi Chuk, I think you'll find this interpretation of the wave count interesting. I wouldn't normally post this sort of thing due to the subjectivity, but it comes from a guy I've been following for 12 years. He's as objective and level-headed a market commentator as they come.
http://www.acting-man.com/?p=22854#more-22854
As well as the chart, check out the link and read what he says about the sentiment numbers and latest COT report in particular. Many analysts interpreted this report to be bearish, but not him.
"... However, because leading diagonals are so rare, we have to consider whether a bullish interpretation of the gold chart is also possible, especially in view of the panic volume at the lows and the extremes in bearish sentiment that were recorded (more on those further below).
Here is what we have come up with. Please note, we do not claim that this is a 'correct' interpretation – we merely note that it is a possibility that would conform with Elliott Wave rules...
One caveat is that wave 'C' may not be finished. There could be further subdivisions (and hence additional declines) without necessarily invalidating the concept as such. Apart from sentiment, one further consideration that lends support to the above interpretation is the fact that the entire movement since the 2011 high does look corrective in nature. We can detect a plethora of three-wave moves, but no big 5 wave moves except those in the proposed wave C."
SLR Price at posting:
$1.03 Sentiment: Buy Disclosure: Held
