Gold & ASX chart updates

These charts can be clicked to view a larger version.

An updated gold chart, with the obvious trend lines marked and a possible Elliot Wave count numbered. The blue arrow at top shows the probable path, which is back to roughly the $1000 level as a sub-wave "iv" down before a possible final "5 of 5" wave up which, in Elliot terms, we believe would end the current gold rally cycle for at least several months if not years.

This is an admittedly very unpopular view, which is why we give it consideration since the charts seem to be making that prediction which we, in turn, are observing and bringing to the attention of readers :




A close-up of the current chart, for clarity :



Of course today's action could merely mark another blip downwards during a longer wave that reaches much higher, however it must be noted that we have made a "lower low" in technical terms which does suggest this current trend, marked as "iii" in the above charts, is over.

So says our technical theory. We'll soon see what reality dictates.


Here is an updated chart of Alberta Star Development Corp, ASX, with technicals clearly marked. The stock rallied exactly where we expected, through the lower red line which marked resistance and now marks support around $0.19

If bids can clear the upper red line we should continue to do well with this recent purchase :





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