: : : Here is a chart showing the projection to 802- wave 1 starts at 542
& wave 4 is assumed to have bottomed at 647. If wave 4 goes lower,
projection is invalid.
: : : : : Oops, wave 5 up actually would target 802. Wave 1 bottom is
542 & the midpoint of wave 4 is 672 so (672-542)+672=802.
: : : : : : Wave 4 down may have bottomed at 647 which is the 38.2%
retrace of wave 3 up from 564 to 698. Still have to get above trend line
resistance which is now at about 670. If wave 4 bottom is 647, wave 5
up targets 780.
: : : : : : : Resistance is projected at 680 which is also the 61.8% of the
move down from 698. Gold will have to get & hold above 680 &
preferably 684 (trend line resistance) for this nascent uptrend to
become convincing.
: : : : : : : : Have to be extremely careful with $Gold here- we may be
putting in a larger pattern wave 4 down. 654 must hold as a low- If it
does not, 637, 620, even 600 areas could become targets.
: : : : : : : : : Keep an eye on $Gold- today it has retraced 61.8% of a 635
to 697.5 rise.
: : : :
: : : : Gary can you put a chart up with teh wave counts and projections?
: : : : Thank you
: :
: : I like the alternation in waves 2 and 4. Wave 2 being deep wave 4
being shallow. You should see alternation in those two waves which
gives more validation to your count. Also the bottom of wave 4 testing
the bottom of wave 4 within wave 3. Good stuff.
: : Thanks for the chart..
: Paul- the start of wave 1 (542) to the center of wave 2 (620) projects
to 698 which is why I think wave 3 ended there. Hard to say where
wave 4 ends- if we go below 647 then next stops are 631 (50%) & 615
(61.8%) retrace of wave 3.
Gary - Or wave 3 could have ended in Feb at the 690 area
(near your projection) and the sideways move from the Feb high (wave
3) is an A-B-C sideways formation 3-3-5. The break above 690 in
wave 4 could just be a fake which I think is common in sideways wave
4. Actualy would make wave 4 an irregular flat correction. Also a
corrective wave cant end in an impulse which your wave 4 looks like a
5 wave count. The irregular flat that I am talking about is a 3-3-5.
Either way both counts look like an end to a correction, imo.