same intraday pattern in spx is developing, that crashed the gold.
in fact, it is very close to starting a simlar waterfall in spx. i had not seen that topping similarity before looking at this chart
that was a proper change of count too.
blinx
According to 10/23/2010's wave count, the bounce could be a corrective or an implusive wave. Both are significant to the later development of the wave. If the current up move is a corrective wave, it means that the picture of gold has entered into a long term bearish market. If the current up is a impulsive, it means that an extension of the bull market in in progress - which will skyrocket gold to an unbelieable high price. Where is it now anyhow?
I can't go with the intraday labeling because it is as bullish as you imagine... maybe even more $5,000+. But that is probably at least 2 years away.
for the count from the peak, the beauty of the waves down to the 22nd low, I count as abc then d up, and now the e is finishing.
for me, the question is, 'was that all just the A?' and now we get a B up? or is it just like every other correction for weeks, the quick lovely waves (lots of overlaps too) that turn back higher?
The QE II thing ought to make the gold run higher. But it may only spike in a B retrace. So I'm for now on the side of further correction in coming weeks ... until proven wrong! i have to stay flexible.
Then much higher next year.