Originally Posted by
Phaedrus
Hal, I am just a humble trend-follower. My systems are all based on what is happening now, rather than what might happen in the future. Any opinions I hold as to future market direction are no better than anyone else's (ie quite useless).
This certainly is a "choppy corrective move down", though, and yes, I agree that it "should reverse at some point". Better than that, I can absolutely guarantee that it will! All trends end sooner or later, but I hold that no-one and no system can predict where or when this will be. Not even Prechter and his Elliott waves.
If forced at gunpoint to reveal my deepest personal thoughts about where Gold is going, I would say "down". It appears to me that Gold is approaching the latter stages of a classical bubble, but I would never, ever admit that here and have zero interest in arguing the point. Officially, I have no view as to the future direction of Gold and restrict myself to monitoring the current downtrend. Who knows how far it will run?