Re: Everybody pile on now
Do any of those EW guys ever talk about the success rate of these waves to complete as they presume? I am a fan of P&F charts but realize the PO targets have been less reliable as the years go by.
FWIW I think the Adens have a differing view and they are EW as well I think.
All that said I would say $1300 is surely on the table but I think many, many roadblocks lie between here and there. For now (a close at) $1530 is important from the P&F TA. Below that there lies a lot of empty space on the charts but I believe that "void" is not empty. I believe it is full of cash waiting to buy and all at once the buying orgy begins by the hoarding, deflationist cash giants as they try to beat each other to the buy. Surely a BIG TIME low must be put in and we may find out soon where that lies. I think huge buying comes pin long before the completion of TA patterns that point to $!300. The one caveat being $1300 POG and a 7700 DOW. I don't see the POG taking the major hit in a vacuum. The flush will take much else with it.
If gold's troubles come mostly from USD strength it may be fleeting. In Euro terms the POG was off about €20 today, not $50.