Gold to Resume Bear Market

With all the focus on the Coronavirus and today the sharp drop in equities, few are realizing the selling opportunity in Gold. Those who are watching Gold view it as a crisis hedge, which the market does perceive to be the case at times Regardless of any preconceived correlations. Evidence appears to suggest Gold is about to Resume it's bear market that began in 1980.

Most who are long term bearish on Gold assert the bear market began in September 2011 at $1,923.70. However, it is my observation that Gold in fact was not rising in a bull market from 2001-2011, but a three-wave, counter-trend bear market rally. In Elliott Wave Terms, a b-wave. If I am correct about that, wave c should consist of 5 waves, of which the first and second waves have just completed. Next should be the third wave down, which at a 1.618 relationship would take Gold to $270 per ounce. As hard as that is to believe, my Elliott Wave Analysis suggests that as a target for the next wave of the bear market, which could take a number of years. Wave 4 would then partially retrace the third wave decline, to be followed by a final fifth wave down to complete wave c and the bear market in totality.