Using careful observation of bubble type bear markets (exponential price growth followed by a long slow & sustained bear market) of various commodities
including $XAU $XAG $BTC $LTC I've noticed a type of 10-wave price exhaustion and usually a market turning point decision after the final 10th wave impulse of the sustained bear trend. Using an educated guess of previous price action i've created a short term Elliot wave
analysis of what we might expect to see if the $XAU $GOLD market was in-fact completing this pattern. its important to note that the uptrend marked by blue trend lines
in the chart, have larger gradients boasting 21 degrees on the 4-year uptrend (4,7) & 11 degrees on the more local 2-year uptrend (6,7,9) as oppose to the bear downtrend marked by red trend lines
only showing a gradient of 8 degrees on the 7 year downtrend and 2 degrees on the 6 year downtrend. This would indicate sell pressure is gradually reducing and more hands are interested in buying the dip instead of shorting the rallies.
So will you buy the dip? Equities can only go up for so long.
2021 will mark an interesting year in the commodities