Alf Fields, the man who Jim Sinclair calls the best gold technician has just released an updated outlook on gold, stating that the correction which began at $1915 is now completed both in terms of price and time, and that gold has begun its next major up-leg, which will take the metal to $4,500!
Fields writes:
We now have a really strong probability that the correction which started at $1913 on 23 August 2011 has been completed both in terms of Elliott waves and also in terms of time elapsed. If this is correct, the gold price should soon be expressing itself in violent upside action as it moves into the third of third wave which is still targeted to reach $4500.
The low gold price on 23 July 2012 was $1564, certainly not a new low. Yet the gold price started rising almost immediately. Within a couple of days the gold price had broken upwards through the downtrend line that had been in place since the end of February 2012. This is a very positive development which will be greatly enhanced if the gold price continues to move strongly upwards over the coming days and weeks.
The bottom line is that we now have a really strong probability that the correction which started at $1913 on 23 August 2011 has been completed both in terms of Elliott waves and also in terms of time elapsed. If this is correct, the gold price should soon be expressing itself in violent upside action as it moves into the third of third wave which is still targeted to reach $4500.
Extensions have a good record of retracing to the approximate point from which the extension began, in this case $1480. Market action during the decline is used to fine tune a more accurate end of the correction. Gold never got down to target of $1480, stopping not very far away at $1523 in late December 2011. At $1523 all the minor subdivisions suggested that there was a 75% probability that this was the low and that the market would move into a strong upward move, probably the most vigorous of the bull market. A lesser alternative considered was that $1523 might only be the A wave of a larger A-B-C correction.
Click here for Fields’ latest full analysis on gold at JSMineset:
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The problem with Elliot wave analysis is that the markets are increasingly manipulated by gov’ts and influenced by hedge funds with their high frequency trading alogrhythms. That is what causes Sinclair to miss on the timing. If it was just millions of investors acting independent of one and other, then Elliot wave makes more sense. But, Sinclair is so strong on the fundementals and the nuts and bolts of market making that he always nails the trend and the turning points and you can trust what he says.
This time around there will be no one capable of calling the turns or the price. It is all too manipulated! One thing that will surprise most everyone though, will be how violent and how high the PM’s will eventuall go.
Technical analysis takes everything into account, including manipulation.
I expect he he is right and we are headed UP from here.
Gold price prognostication is pointless right now. $2000, $3000, $10000, to the moon! It doesn’t matter because it is a manipulated market. Much more so than the casino that is called stock investing. All these calls for higher prices in gold are WISHES and not based on any potential market action.
“Not Sure” – I’m inclined to agree, this market is the work of the Money Medusa. Until a silver spike is driven through her head and, the fiat freaks are taken down, we’re at their mercy. QE will save their pathetic asses for as long as that can will roll.
Even if gold went up 50-100% that would be a boon to the gold stackers. If silver went to $75-100 an ounce we would all be smiles. Anything beyond that is pie in the sky and good for fantasy precious metal porn. Nothing wrong with that but we still wake up in the morning with a hangover.
Who says they intend to keep supporting today’s fiat forever. Of course not, it’s a long thought out and so far I’m afraid a reasonably well execution of their plan all along. They want all the wealth. Period.
Now, most likely the anti-NWO crowd is right that they want to instate a world currency with a world central government, nee, bank. A complete dictatorship.
But they too must go through the squeeze or the reset if you will. Where all the cartel’s fiats are going bust. I bet many of them already have some nice property up in China. The wealth is going east because *they* are going east. Many of them already were of course.
That’s also why I don’t really buy this nuke war between US/UK/EUR/ISR/IND(?) and CH/RU/Pak/who have you. Bio “war” more likely. Just wipe out the proles.
Anyway, what’s going to take those who do God’s work through the reset: GOLD. And in the slipstream silver. This goes for most of them and some of the ignorant that make up most of the mythological “1%” — mind you: with “them” I mean like .01% or less — and…. some of us!! They will take PMs to the moon as soon as most of them think they’re loaded enough. And profit of the lessers that catch up with the mania too late.
The ponzi scheme comes down, yes, but the Earth’s value in terms of minerals, metals, energy, etc, etc has never changed. Who knows what a single silver maple leaf might buy you one day.
Would “they” allow people like us to prosper and thrive or would they come and steal it. Very long term: they steal it just as they are doing now with pension funds, houses, etc. But would they do it semi-long term? Don’t think so. Unless they don’t want to have another emerging “middle class” at all. But I think they’ll need it, they can’t get all-out Mao.
Would they steal it very short-term? Possible, but then it would happen before the reset, not after. They’d be too busy with all those folks who have absolutely nothing.
Well that’s how I see things going. And I’m afraid it will happen earlier than I’d hope. NMD!? (No More Dips
The cake has been eaten. Twelve times. The smart mney is pouring in and soon the drone money will.
Best all,
R3K
Unfortunately for the manipulators, there IS a giant fly in their ointment. Asia is buying PMs at these suppressed prices, hand over fist. While there is a lot of gold in the world, there is not a lot of silver. What happens to the silver naked shorting and all the other paper scams when TPTB fail to deliver PMs to Asian futures buyers? It ends, that’s what. When, not if, that happens, we will finally have true price discovery in the silver market and all those who forced that beach ball under the water will be smacked in the face by it as it shoots to the surface and beyond.