Wednesday, May 12, 2010

Wave 5 target

I am back in town. Gold recorded a decent movement. Burst most bears by rally to 1230s. My friend, YJ Yang, had a serious fight with me on gold. It took him 150 points to admit it is impulsive.
Here is the chart I posted on a Chinese website on 4/25. I believe it is still in play. It is a comprehensive break out and retest confirmed pattern. Short term target remains the same at 1250.



At historical new high, where will we go further? Here is a wave estimation. (I am not saying it is a one way road.) The Intermediate target is 1450 based on this wave structure.


Also I found something interesting. That is SPX priced in gold. If we were still in Gold Standard, where is the equity at? TheChartStore updates this chart weekly. It didn't include this week's movement yet.


Trade well.
Live free.