MMM Weekend Update 6-16-13 Long Term Gold EW Count

Gold - Long Term Update. Reverting back to some old counts that were working, I have extrapolated and filled in data for the months in between then and now. In the following interpretation, I am taking into consideration how a 'worst case scenario' may play out. 'Worst Case' meaning a correction the eats up much more time AND price. Understand that there are multiple EW counts that are feasible, obeying all the rules. Take my Long Term (LT) and Mid-Term counts depicted below with a grain of salt. For now, Short Term Key Resistance is 1423.88 which means the current ST count would need an adjustment if that level is breached anytime soon. The colon(:) and Blue lines designate alternate counts.

Here is the old EW LT count from 2009:



Update for 2013:



Zoomed in:



MT view of (C)orange leg down, counted as a sharp double-zig-zag which is alternate to wave (A) which was counted as a flat correction:



The Mid-Term in a nut shell: We should be seeing some bottoming action take place between now and no later than September, seasonal bullishness should be evident by that time. An ending diagonal pattern, choppy and down into the the summer months would be an obvious sign of a market that was set to rally in the later half of the year. That rally should easily back-test April's break-down from 1520 to 1540, and could even go the distance to hit the center of the previous wave (B)orange congestion (resistance zone) between 1660 and 1700. How the price tangles with the the major multi-year 'Thick Black Line', will be the key determinant whether further upside will be realized (green breach) or not (red rejection down).

For LT stackers, a long, drawn out, deeper bottom would be very welcome.

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All the best to you this trading week,
Quad G