Gold
is the second security that I observe, is having a close correlation
with USD/JPY (an inverse relation), since around October 2012. This is
but logical.
1Feb2015.bmp)
Interpretation
The
Gold (in USD) is making bottoms which are mapping well with the tops in
USD/JPY. However there is a lag between the formation of Gold tops vs
USD/JPY bottoms.
Conclusion
If
the above mapping of Gold Vs USD/JPY is correct and the USD/JPY Elliott
wave counts are correct, it may mean that one leg down for gold is
still pending to complete the downward trend that started in September
2011.
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