Saturday, June 21, 2014
Gold seen from a time perspective
I was looking at gold from a time perspective and found some interesting relationships.
First of all if we look at the major consolidation from September 25 - 2011 to September 30 - 2012 it took 53 weeks the ongoing consolidation has taken 51 wekks, counting Fridays in. So time equality will be seen in two weeks time.
If we look at the triangle itself:
Wave A took 9 weeks
Wave B took 18 weeks
Wave C took 11 weeks
Wave D took 11 weeks
Wave E has taken 3 weeks till now. If wave E takes two weeks more it will then have taken 5 weeks to develop. 5 is a Fibonacci number and is right in the middle of half of 9 and 11 weeks.
From a time perspective that means we could have wave E in place during week 27 from June 30 to July 4. Once wave E is in place we should look for the final thrust out of the triangle towards the downside for a decline to the ideal target at 1,002.
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