The PTI is just below it currently, 34.
I also would note that the 10/70 oscillator has "lost control" (dropped below the zero line in excess of 40% of the up rise in the oscillator). This is normally a warning sign that the profit taking is abnormal (normal would be a correction), so this could lead to lower prices. I would start putting validity to the 1 & the 2 of the "1" or A and "2" or B at this point. If true, we are currently in minor wave 2 of large wave 3, potentially? Since we are going to be moving to the next gold contract, I would want to see if it is telling a similar story at this point.
Don Ewers
----- Original Message -----
Sent: Sunday, May 11, 2008 7:51 PM
Subject: Re: [RT] Spot Gold
Don-
Can you update us as to the level of the PTI? Has it
gone below 35? Tks for any feedback.
Chas
----
On Mon, 28 Apr 2008 07:20:28 -0500
"Don Ewers" <dewers@xxxxxxxx net> wrote:
> Chas,
> I am in the AGET long term count since the 5/35
>oscillator, in the current wave 4 pullback, exceeded the
>-1.40 level below the zero line, signaling a switch to
>longer term count and the 10/70 oscillator (see attached,
>I added them).
> Don Ewers
>
>FYI - I don't know if you respect D. Gartman or not, but
>he sold his long gold position last week in the mid
>$920's and he is now bearish gold. To use his words today
>"GOLD'S ETF:GLD:The Early Stages Of A Bear Move Of Some
>Very Real Consequence?
>
> Carl Futia is calling for a move to 780-800 also?
>
> ----- Original Message -----
> From: Charles Meyer
> To: realtraders@ yahoogroups. com
> Sent: Monday, April 28, 2008 4:39 AM
> Subject: Re: [RT] Spot Gold
>
>
> Don wrote:
>
> "AGET's PTI (profit taking index) is very close to
>sending
> warning for (1) a double top in the pattern ( a move up
>in
> a wave 5 will double top) or (2) a failed 5th wave
> (meaning B was a "failed fifth" wave up). Time to be
> careful with this puppy?"
>
> ------------ -----
>
> What time period do these price patterns cover? I'm
> getting a different count? Tks for any comments.
>
> Chas
> -----
>
>
>
>
>
>
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