My previous idea was to short GC and I said to sit on it if even if it is a cactus that you are sitting on. Last Friday, the needles had drawn blood. I have always kept an alternate count for Gold in the even that my short idea is wrong. But it has never been my preferred count and the reasons are:
1. The down move from $1900 in year 2011 moves down in 5 waves, and
2. The move since the low looks for corrective than impulsive on the big picture.
However, what happened in the equity markets last Friday caused me to brush off the dust for a lot of my alternate counts (on many products) to prepare for the event that I had been wrong on the macro level. As such, I am actually positioned for a long in Gold since Friday. Let me put in a reminder, I was wrong on my previous ideas. I could be wrong again. But my ideas now shows how I am positioned.
1. The down move from $1900 in year 2011 moves down in 5 waves, and
2. The move since the low looks for corrective than impulsive on the big picture.
However, what happened in the equity markets last Friday caused me to brush off the dust for a lot of my alternate counts (on many products) to prepare for the event that I had been wrong on the macro level. As such, I am actually positioned for a long in Gold since Friday. Let me put in a reminder, I was wrong on my previous ideas. I could be wrong again. But my ideas now shows how I am positioned.
