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Time to sell gold? The Mr. Elliott we know thinks so…

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Posted by Jack Crooks - Currency Currents

on Tuesday, 07 November 2017 06:31

Screen Shot 2017-11-07 at 6.41.40 AM

 

 

 

 

 

 

 

 

Screen Shot 2017-11-07 at 6.41.58 AM

Our rendition of an Elliott Wave chart shown on the next page says it’s time to sell gold; i.e. once minor corrective rally Wave ii completes—that may be today). Targets lower are 1,210; then 1180-level.  And if the US dollar catches a major bid, there is scope to test the swing low of 1,123 from mid-December 2016 (gold vs. dollar weekly chart page 3).  Note: The 55-week gold to US dollar index correlation is a whopping -84.3%; i.e. as gold goes up, the dollar goes down, and vice versa. 

Gold Futures Daily Wave Chart 

Screen Shot 2017-11-07 at 6.46.07 AM

Gold Futures vs.. US Dollar Index Weekly Chart 

Screen Shot 2017-11-07 at 6.48.00 AM

We should find out soon whether Mr.. Elliott is correct..

Regards,,

Jack Crooks, President, Black Swan Capital

jcrooks@blackswantrading.com

www.blackswantrading.com

772 - 349 - 6883 / Twitter: bswancap     

 

 


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