The Chart du Jour

How Long Can this Purgatory Continue?

August 1,2000

By, Barclay T. Leib

Palladium just made new all-time highs. Platinum is up over 60% in value from last year. The bullish sentiment on gold sags at just 22%. Open interest drops away as long investors fail to roll-over their positions into the August Comex expiry. Apathy reigns.

And we hazard to say everything about the gold chart's Elliott wave count looks bullish. As the chart below generated by Advanced GET suggests, starting from last summer's rally, we have likely completed a huge I-II-III up, followed by an equally huge IV wave A-B-C (complete with a classic small abrogation of the uptrend line typical of 4th waves). Wave IV has come nowhere close to intersecting the top of Wave I that stands all the way down at 358.20. More recently, we have likely done a small 1-2(a-b-c) up. 3 of V up should follow.


Chart produced using Advanced GET End-of-Day

But alas this is gold. We have been waiting for some renewed impulsiveness here for far too long. When this move comes (which it will of course -- maybe shortly), we'll almost feel like crying -- it has just taken so long.

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