Elliott Wave analysis5 Feb 2019 14:33
Avi Gilburt on Seeking Alpha:
While most of the market expected the pullbacks into the end of 2016 and then again into the end of 2018 to take gold below $1,000, those that followed us at the time know that I did not see either of those drops suggesting the potential of taking the gold market below $1,000. Yet, I want to stress again and at least prepare you now that the pullback off the upper box will be the biggest test we will face in this market in many years, and will determine if the long-term bull market I foresee has begun in earnest, or if we have yet one more bout of selling to take gold below $1,000 before that bull market finally begins. For now, my expectation is that a multi-decade bull market has begun, but I also need to have an appropriate risk management plan in place should that expectation prove to be wrong. This chart provides you with my personal plan in the coming year.
But, since this is not likely a determination we will have to make until 2020, I think we all need to focus on the buying opportunity which will likely be setting up over the next few months, which will then point us up towards that larger degree target overhead. We are finally approaching a very critical time in the metals market. So, let’s keep our emotions in check, and stay focused on what the market is telling us. There is a lot of money to be made in the coming years in this complex. But, we need to keep everything in appropriate perspective.