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Though I have long used Fibonacci and Elliott projections as it applies to prices of stocks, I have, over the last 6-12 months been "fiddling" with Fibonacci projections in time as well. Toddo and I were just IM'ing about some of the important Fibonacci "date" projections with respect to the XAU. This is experimental, so take it with a grain of salt (I'm still trying to get more granular with these things). An "ideal" date scenario for the XAU is for it to top near 7/18 (which is a Sunday so either this Friday or next Monday). That would make the move off the June lows a perfect 34 days (34 is a Fibonacci number). It would also relate the June to now bounce equal to exactly 2 times the May 10th to May 27th bounce (a nice "internal" 4th wave relationship).

So if 7/18 turns out to be an important pivot time (for a 4th wave top), then the next important Fibonacci date projection for the 5th wave bottom in the XAU would turn out to be one day the last week of August: somewhere in the 8/26-8/29 area. That time window would make the entire impulse wave off the January 6th highs equal to 233 days, which is itself a Fibonacci number; would also make the entire correction off the January peak equal to 33.3 weeks (34 of course being a Fibonacci number); and would make the 5th wave thrust lower equal to exactly the number of days of the third wave decline (which spanned the time from 4/1/04 to 5/10/04).

So mark your calendars just for fun: This Friday or next Monday for a turn decidedly lower. And a XAU bottom sometime from August 26th-29th. Never advice, just Fibonacci musings...
No positions in stocks mentioned.

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