Gold spot elliot wave count

[gandalf]

For what it worth:

 

 

Gold global perspective

[gandalf]

Great Gold Bull Market Elliot wave counts - wave number 3 (second wave up)

This is my count , I still think its valid :

 

 

Gold global perspective

[bearvest]

GOLD:

 

I see the rally off the July lows as a completed impuse up in a 5th wave position.

 

I use MACD to measure the strength of the trend. Usually, maximum trend strength occurs at wave 3, and diverges bearishly at wave 5.

 

Edit: Ignore the DOW chart which I can't seem to remove.

[B.A.A.]

GOLD:

 

I see the rally off the July lows as a completed impuse up in a 5th wave position.

 

I use MACD to measure the strength of the trend. Usually, maximum trend strength occurs at wave 3, and diverges bearishly at wave 5.

 

Edit: Ignore the DOW chart which I can't seem to remove.

<{POST_SNAPBACK}>

 

While it may be a top -ergo a '5', it's important also to determine which cycle one is referring to; i.e. is it a 5, a (5) or a [5] circled?

 

What seems to have escaped many elliottwave neophytes is that Gold has been in a 20+ year impulse decline, whereupon from 1999 one could also count the (5) of now as either [A] of the 20+ year correction or [1] circled of the bull - depending on their perspective.

 

Be cautious of the apparent simplicity of elliottwave counts. The first assessment is often incorrect when one steps out to the monthly, quarterly and yearly charts and takes in the perspective of the whole.

 

So, is the high of $575 Gold a (5) = [A], or a (5) = [1]?

 

JMHO

BAA

[gandalf]