| Sep 15, 2013 12:19AM ET
As I mentioned in my last post , there is a disturbing possibility that gold's intermediate cycle has topped, and done so in a left translated manner. For clarification, left translated cycles often lead to lower lows. In this case if gold did top on week 9 and the intermediate cycle is now in decline, then the odds are high we are going to see the June low of $1179 tested and broken before the next intermediate bottom.
Whenever I'm not sure about direction the first thing I do is go to the weekly charts. You can see in the three charts below that the Thursday premarket hit did serious damage to the entire sector.
I continue to think this is a high stakes game where big money insiders are trying to lower the starting point before the bubble phase of the gold bull begins. As I've noted before, if one can artificially lower the beginning of the bubble phase to let's say $1000 instead of where it naturally occurred last summer at $1550, then the profit potential once the bubble phase begins is dramatically magnified.
I'm convinced the force behind this is trying to drive gold back down to the prior C-wave top at $1030 before reversing course and riding the bubble phase of gold into a top somewhere above $5000. It remains to be seen if they will accomplish their goal, but they did succeed in forcing gold back below the critical $1350 support level on Thursday's premarket hit.
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