Gold and Silver are traditionally very highly correlated. When one moves up, the other moves up, and vice versa. They may not move the same percentages, but the directionality is typically identical. During Silver’s recent capitulation move to below 12 cents per ounce, a level last seen in Jan 2009, Gold stayed above 1450. If Silver’s “capitulation” is finished, and that idea is supported by the fact that it has already rallied 28% from that low, why would gold puke out now?
And yet, those “mainstream” Elliotticians continue to be deadly bearish with their Gold wave count because they think they saw five waves down from 2011 thru 2015. The time to consider the possibility that that was not a 5-wave down structure is WAY overdue, don’t you think? Maybe it was a WXY, or WXYXZ structure. That has been my main wave count all along. Why? Hurst Cycle Analysis. My secret weapon.