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
=====