RE: [RT] C Wave in Gold?

["Jeff" <jharteam@xxxxxxxxxxxxxx>]

Hi Charles:

Here my take for the count. As far as I'm concern, the corrective a-b-c has
already been completed; and they are fitted with fibs levels.  The final
wave C of c of the primary degree was halted at 1.272 and 1.382 fib
expansion level. And just to point out, the completion of this corrective is
also a 3-3-5.  Now, the important thing is to trying to identify if there
are any signs of impulsiveness right after wave c of the primary degree.
Price actions tell us that we did; with a huge impulsive move two days ago
to the upside and intraday charts revealed clear 5-wave up with pattern
alternation on wave 2 and wave 4.  That said, we should always look for
'both sides of the story'. The alternate wave counts can also be applied:
The low made on 09/11/2008 could very well be only the FIRST leg of the
a-b-c corrective and going forward from this low; would be some sort of
messy wave b in the making.  No matter which wave counts I choose, I
personally would lean toward the notion that the low made on 9/11 is the end
of the correction (if biased towards the bullish scenario) or the end of the
FIRST leg of a corrective a-b-c (if biased towards the notion that Gold
would complete its a-b-c at much lower levels).  Take care.

Have a good one
Jeff Harteam

-----Original Message-----
From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On
Behalf Of chaze
Sent: Friday, September 19, 2008 5:43 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] C Wave in Gold?

Anybody up for this?  I'd value anyone's thoughts or 
comments.

Wave A was down (GLD) from March 17 to a low on May 1.
(You can see the breakdown of 3 waves)

Wave B was up from May 1 to a high on July 15.
(You can see it was a 3-3-5:  again a breakdown of 3 
waves)

Current wave C is as follows:

Wave 1 of C from July 15 to Aug 15 AND IT WAS AN 
EXTENSION, but more on that later,

Wave 2 of C was just completed as follows:

8/15 to 8/28 (3 up)
8/15 to 9/11 (3 down)
9/11 thru today (5 up).....and represents a 'double 
retracement' to where the
original extension began.

I know that extensions are usually not wave 1 affairs, 
but.....

Conclusion:  Waves 3 down, 4 up, and 5 down are yet to 
come, marking the end of
the correction from March 17.

Comments welcomed; and thank you; and I know this is a 
contrary view.

Chas
=====



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