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@yahoogroups.com
[mailto:realtraders@yahoogroups.com]
On
Behalf Of chaze
Sent: Friday, September 19, 2008 5:43 AM
To: realtraders@yahoogroups.com
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
=====
