As we see the Gold rebounded from the 1032 line-strongly and impressively. I do not see anything bearish on the horizon about now.
If the price continues up, chasing that potential (C) wave, should paint just one more zig-zag, or any complex completing 'Y' wave. Then that count remains to be valid.
If the upward move I expect paint an impulse 5, then the Grand picture would be totally different. It could form 5 waves of a larger degree.
The tape now is a bit unclear as a wave structure, and I prefer to have little more data till the next update on spot Gold.
The expectations are for new high to 1 252- 1 320. The herd escalated with one more bull---me. The tape now is a bit unclear as a wave structure, and I prefer to have little more data till the next update on spot Gold.
Enjoy the video!
4 comments:
Hi Milen,
No more letters for you :-)
please check this post:
http://q8charts.blogspot.com/2010/03/gold-in-usd-1-march-2010.html
I might be wronge, but you never know !
Hello Eisa,
I don't mind letters :) I tried to comment at your blog, but the comment section is only for team members.
Your count is perfectly correct. I had similar count till last month, but begun to doubt. It's all because of the wave structure. I don't like it that way, which doesn't mean that I am right. I can offer alternative (as leading diagonal, but still I am not sure. Check this link out.The red numbers in the square. http://www.screencast.com/users/ONEELLIOTTWAVETRADER/folders/Jing/media/81e472bf-2db2-4cfe-9f03-597401d0c8f5
You are right, now it is open for Users with Google Accounts.
It seems that you have risen a new issue with this new alternative wave count,
which I had doubts about too.
An impulse for a higher degree of (C) should not be in this structure,
as this way it will change a major wave count.
We have to research it more, as a whole new analysis for it,
we need to clear all doubts and find the correct pattern it is moving in.
Thank you very much for your follow up and concern,
I appreciate your friendship and your censer thoughts.
Yes, I noticed, that my labeling is wrong,and change it. But the expectations are still the same.
If the price continues up, chasing (C) wave, MUST paint just one more zig-zag, completing 'Y' wave. Then the count remains to be valid. If paints impulse 5, then the grand picture would be totally different. Maybe 5 waves of a larger degree. If resumes down, I am wrong.
The tape now is a bit unclear for me, and prefer to have little more data.
I like discussing that, we like to do.
You are welcome.
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