XAU: The Big Picture -
www.gold-eagle.com/editorials_05/swink012405.html

XAU: Fearful Symmetry -
www.gold-eagle.com/editorials_05/swink021205.html

The expected top of XAU 155 occurred 2-3 months later than expected (due to the preceding bottom being 2-3 months later and a bit lower than originally expected) so the long term scenario has been updated accordingly - i.e. pushed back 2-3 months.

Updated XAU Projection -
www.capitalstool.com/forums/index.php?act=Attach&type=post&id=59781

Long-Term Scenario:

Q1 2006 XAU 155
Q2 2006 XAU 110
Q1 2007 XAU 155
Q2 2007 XAU 110

Q1 2008 XAU 210
Q2 2008 XAU 155
Q1 2009 XAU 210
Q2 2009 XAU 155

Q1 2010 XAU 310

Q1 2012 XAU 420

I believe the pattern will continue at least until XAU 155 is broken with authority and back tested at least once and maybe twice. At that point rather than trying to navigate these waves, I might just go long and sit tight for the ride into real bull market territory. We shall see at next year's update.

Steven Swink
SMSC's Charts
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID667551

19 February 2006