In my most recent few forecasts for subscribers and public articles I’ve discussed a major correction in Gold, and it dropped $208 within 3 days of that forecast several weeks ago as Gold traders will recall.
The markets bottomed last Friday at 1168 roughly on the SP 500, then violently reversed with a 47 point rally to 1215. I had forecasted a likely short term bottom at 1176/1188 ranges with a possible 60 point rally coming. With that said, I didn’t think it would all happen in nearly 1 trading day.
Well, that was fun wasn’t it gang? A huge drop in silver from $49.75 to the $32 ranges after 8 months of rallying from 19 to near 50. A 150% gain in Silver in eight Fibonacci months, sounds like a pretty overbought situation.
Interesting to watch all of the Silver and Gold Bears running out into the streets from their caves beating their chests due to the silver shellacking we just saw.
My more recent forecasts for Gold were intermediately bearish from the $1390’s area as we saw a clear triple top breakdown from the 1425-1430 ranges about 8 weeks ago.
My most recent forecasts for the SP 500 and Gold have been calling for interim peaks in both around Mid- January.
In recent articles and forecast updates for my subscribers, I have been preparing them for a top in Precious Metals and US Markets around Mid January. We may have already seen the intermediate top in Gold and Silver recently, and the SP 500 and US markets are not far behind.
The gold bull has been moving in very reliable Elliott Wave and Fibonacci patterns for many years now, but once in awhile the waters get a little murky for sure.
Excerpted from TMTF November 28th…
In latter August I penned a forecast for my subscribers to TMTF….