Gold is going lower

18 ธ.ค. 2023

The gold bugs are bullish right now, getting very excited about the ATH in price even if it is a spike.

But don’t get excited just because one owns physical gold and wish that price can go to 3k. I am bearish gold and silver since mid-2023 because it is rational that no one should buy a triple top. Now we are at this area again. A retest? Highly possible.

See comment for LTF chart.

18 ธ.ค. 2023

บันทึก

Due to emotional moves at trend reversals, Wave 2’s are sometimes so fast that it is not visible unless you zoom in to a LTF chart, so this entire move from the top is commonly labelled as a corrective move a-b-c..

The clue that it is not comes from the irregular correction from wave 3 to 4. Irregular corrections is the norm nowadays and traders (including me) gets tricked into counting the 5-wave move up as a new impulse instead of a Wave c of 4.