Gold & Silver Fulfill Rebound Objectives
10/30/15 INSIIDE Track: “Gold & Silver remain above their July/Aug. 2015 lows but are far from confirming a major bottom. On an intermediate basis, they were poised to mimic the rally of late-2014/early-2015 with a continued rally into the second half of October, before a drop into Nov.
Based on wave structure, Gold was expected to rally into at least Oct. 12–16th and ideally into Oct. 23/26th… matching and/or exceeding the duration of its previous advance. It surged into Oct. 12–16th – reaching its minimum upside price target – but could not set new highs when Silver was spiking higher into Oct. 26–28th.
Both metals turned their weekly trends to neutral (from down) but were unable to turn them up. Combined with Gold only being able to make it to initial upside targets – and not extend any farther – this reinforces that neither metal has yet confirmed a Major bottom. Of course, that also corroborates ongoing analysis that any convincing bullish action would wait until 2016 – The Golden Year.
As described before, Nov. 2015 is the next phase of the ~4-month/17-18 week high-high-low-low-low-(low) Cycle Progression that helped pinpoint the July 24th low. Another intermediate low (higher or lower) is expected at that time. That should then pave the way for a more convincing reversal and more convincing advance in 2016.
That cycle low also dovetails with related cycle lows in grains and many commodities. So, it could be a ‘rising (inflationary) tide’ that lifts all boats, beginning in Nov. 2015.
From a slightly broader – and moderately correlated – basis, it is also intriguing that mid-Dec. (Dec. 14–18th & 21–25th) is 21 weeks from the July 24th low. As a result, that is the time when the weekly 21 MACs have the best chance of turning positive…That closely coincides with when Stock Indicesenter their next synergistic bearish period.”