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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
I think this year huge profits can be made with Palladium trade, either way.
Gold tested the support drawn from 30th May low through 4th Jan low. Small bounce showing daily hammer candle. Its also sat on the 100WMA. I feel low confidence for long trades.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/1/29_Exclusive__Coming_Short_Squeeze_In_Gold_To_Shock_The_World.html
What infuriated me is the various analysts he employed to write the daily, weekly and monthly reports allowed their EW analysis to be influenced by their employer's (Prechter's) bias which was almost always bearish in the face of EW pointing north. Even gold charts were obviously incorrectly labelled sometimes. I used to write to them pointing out they had omitted an important alternate count but I was wasting my time.
I always say that Prechter must be responsible for the most novice traders burning their accounts than any other self appointed expert analyst (or charlatan) out there.
The difficult facet is that imho Prechter is right on the macro picture where he is predicting a 120 year super cycle high. All the fundamentals over the last 20 years point to this scenario and it is obvious it will be triggered by a global financial meltdown, the likes of which the world fully deserves. When it comes to exact timing of a large degree super cycle high a few years here or there are nothing. Impossible to get the timing accurate imo.
The financial world ultimately has to implode with so many ponzi schemes running along. This is just common sense, you don't need degrees in economics to see the future. Much of what Prechter writes makes sense but I have no doubt he capitalises on sessationalism to provide his daily bread.
Someone sent me Prechter analysis today because he has recently been calling a mega cycle high---recommending maximum weighting on shorts. The evidence he presents is difficult to dispute but we all know how early he can be on timing. His forecast for the next few years is for Dow to lose 10,000 pts, gold, silver and metals down, commodities down and more surprisinly bonds down. Perhaps not surprising in the light of bonds doing well in a genuinely healthy global economy and not so well in a poor economy.
I must admit I am worried about my gold count. It simply hasn't taken off north as one might have expected for that particular count. Crude also has been range trading for the last 2 years. Volumes generally have been exceedingly poor and "invester sentiment" now at all time complacency highs.