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| “Follow the munKNEE.com“– Register to receive all future posts hereurce: GoldSeekThere is a high probability that the correction in the gold price that started in early October at $1797 has been completed. Once $1800 is taken out on the upside the gold chart will look tremendous. A beautiful “cup and handle” base would then provide strong support for a vigorous upward climb in the precious metal. At this stage there is no reason to abandon the rough target of $4500 for this coming upward wave. [Below is my analysis and some charts on the situation.]Words: 434; Charts: 2
So writes Alf Field in edited excerpts from his original article* entitled Gold Analysis 2013. This article is presented compliments of www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.Field goes on to say, in part: All the minor waves are in place and the A and C wave portions are approximately equal at -$120 each. The chart below depicts the action on Comex via the 2 month forward chart:
The analysis of wave C is as follows:
C. 1758 to 1636 -122 Wave a. at -$71 is 78% of wave c. at $91, an Elliott relationship. Even the smaller c wave portion of wave C has 5 small waves which have a neat Elliott configuration, as follows: Analysis of wave c of C:
Wave c. 1727 to 1636 -91 Note that the corrective waves ii and iv are +25 and +26, confirming that they are part of the same wave. The downward waves are within $2 of -$44 each. All pretty neat. The following chart of the PM gold fixings was prepared a couple of weeks ago to indicate the possible target low of $1642 for the end of the correction:
Note that $1642 was also the 61.8% retracement level as well as the point where waves A and C would have been equal. That target of $1642 was not achieved, the lowest PM fix being $1650 on Dec 20, 2012. There was a slightly lower morning fix the next day, but there is enough evidence when combined with the Comex gold chart to conclude that the correction from $1797 has been completed. Obviously a decline to below $1636 would render this analysis valueless and we would have to reconsider the situation. The PM fix on Jan 2, 2013 was $1693, so there is already some upward movement on the scale that one should now expect. Once $1800 is taken out on the upside, the gold chart will look tremendous. A beautiful “cup and handle” base would then provide strong support for a vigorous upward climb in the precious metal. At this stage there is no reason to abandon the rough target of $4500 for this coming upward wave. Once we have the next upleg above $1800 in place, it will be possible to start refining this target. Conclusion It seems that gold is well set up for a spectacular year in 2013. *http://news.goldseek.com/AlfField/1357226100.php Related Articles: 1. Alf Field is Back! The “Moses” Generation and the Future of Gold I have come out of retirement for this one off, once only, speech to warn that the good ship “Life As We Know It” is sinking. You have the choice of getting into a life boat now or going down with the ship. The life boats consist of precious metals and other assets that will survive the coming currency destruction. [Let me explain.] Words: 1400 2. Alf Field: Gold Going to $4,500/ozt. in Next Wave Towards Parabolic Peak
Once this present correction in gold has been completed it should [undergo] the largest and strongest wave in the entire gold bull market…to around $4,500 with only two 13% corrections along the way. [Let me explain how I came to that conclusion.] Words: 1900 3. Alf Field: Gold Retested $1,650 as Expected and Now is on Move to $4,500 Gold it is still tracking well in line with Elliott Wave expectations [which foretold] a rally from the previous low followed by a further decline to [as low as $1,650 before going onwards and upwards. Let me explain the steps that brought me to that conclusion.] Words: 683 4. Where Is This Unprecedented Global Financial Crisis Headed? A Retrospective from Alf Field Everyone must be wondering where this “unprecedented global financial crisis”, (the World Bank’s words), is heading. What follows, for what they are worth, are my cogitations on this crisis. Words: 1641 5. Alf Field’s 7 “D’s” of the Developing Disaster Revisited When the supply of something is increased sharply relative to demand, the value of that commodity will decline. If the supply continues to increase rapidly and indefinitely, then that item will become worth less and less, with the potential to finally become nearly worthless. This is the Developing Disaster facing the US Dollar and the world. This is the factor that could become the single most important criterion in investment allocation decisions and possibly even for individual financial survival…[Let me explain this further by reviewing the 7 major problems facing the U.S. (and thus the world) and how they all will lead to problem #7 – devolution.] Words: 1520 6. America’s Current Account Deficit Causing World’s Financial Crisis! Here’s Why The onset of the world’s worst financial crisis in many decades is one of the most important factors (if not the most important factor) currently influencing investment decisions. The crisis has created chaos and confusion. Not many people understand how the world has arrived at this unfortunate situation. This report endeavours to identify the underlying causes of the crisis and explains why the USA current account deficit has been the main destabilising force in world finance. Words: 3806 7. Alf Field Sees Silver Reaching $158.34 Based on His $4,500 Gold Projection!
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