Everybody is talking about the possible bear market end in gold. But how many times were we toasted in the last 4 years????
We are in the 2nd daily cycle of an intermediate correction. (Day16) Gold daily cycle usually lasts for 20-25 days. in the following week we should start to move down to the daily cycle low.
This bear market rally is very powerful, maybe the most powerful. Friday (07.02.2016) we had a bollinger band crash on Friday in gold. In the past BB crash was signaling a correction many times at the Daily cycle tops. And bigmoney might have started to take profit in miners in the hysterical short covering on Friday afternoon after breaking above the hourly key reversal : NEM,ABX,AUY,GG,IAU,NUGT,RGLD,NG are all on the SOS list.
So I'm not saying that the bear is not over , but this is not the time to enter a long position because we are going to have a pullback in gold. (Red arrows are showing the intermediate tops)
We are in the 2nd daily cycle of an intermediate correction. (Day16) Gold daily cycle usually lasts for 20-25 days. in the following week we should start to move down to the daily cycle low.
This bear market rally is very powerful, maybe the most powerful. Friday (07.02.2016) we had a bollinger band crash on Friday in gold. In the past BB crash was signaling a correction many times at the Daily cycle tops. And bigmoney might have started to take profit in miners in the hysterical short covering on Friday afternoon after breaking above the hourly key reversal : NEM,ABX,AUY,GG,IAU,NUGT,RGLD,NG are all on the SOS list.
So I'm not saying that the bear is not over , but this is not the time to enter a long position because we are going to have a pullback in gold. (Red arrows are showing the intermediate tops)
