Since the bottom at $256 in the quarter ending 3/31/2001, the quarterly chart of gold has reached a peak in subsequent quarters 5, 8, 13, and 21. Each peak was followed by a correction of at least one quarter.The next peak is due in quarter number 34. That peak is due this month, September 2009. I believe it is a reasonable probability that this peak, which should be a new all time high, should be labeled the [B] wave high of the [A], [B], [C] correction that I have been writing about.
Elliott Wave Theory is based on Fibonacci mathematics. Whatever the eventual correct wave count looks like, we can not deny the past. This bull market in gold has proven to us that since the bottom at $256.00 in the March quarter of 2001 a peak followed by a correction has occurred in quarters 5, 8, 13, and 21. It is my contention that the highest probability is that there will be another peak in quarter 34 followed by a correction. In spite of all other projections from all sources, I can not envision a higher probability than a correction following gold bullion making a temporary peak and a new high in September 2009 which is quarter number 34.
“Time is more important than price; when time is up price will reverse.” W.D.Gann
A peak followed by a correction has occurred in quarters 5, 8, 13, and 21.
There may be another new high in quarter 34 followed by a correction.
www.wilder-concepts.com/rosenletter.aspx
Gold Double, Triple Top or New Bull Run?
By: Merv_Burak
Commodities
Best Financial Markets Analysis ArticleA dull week until Friday, when gold moved to within striking distance of all time highs. But something tells me that it might not make it this time. New highs may have to wait, again. I hope I’m wrong.
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