Last month, I posted an EW analysis for gold.
But I don’t use EW as my primary form of T/A. That said, I recognize its patterns, especially when they are not complete.
On this board I see alot of interest … legitimate interest I’ll add … in shorting the PMs, energy sector, etc.
I can’t post my charts … they are 3-4 dimensional in time with loads of indicators … and in this context, there would be one set of these for each symbol … and since I don’t use either popular indicators or standard settings … I’d be typing all night to explain.
So I will simply SUGGEST that folks watch for what I am … from a long’s perspective — pullbacks this week, then either retests of the highs or even marginal new highs over the next two weeks, into their respective tops by EOM.
For those shorting, that would mean bottoms for ERY, SDS, DWTI, DUST/JDST, etc. late this month.
Unfortunately, EW is allowing for too many legitimate options on what happens THEREAFTER.
SPX: Could be 3 down in the large return of the bear. C down in corrective IV to new lows .. then new ATHs. Could be IV is in, and we will just see a bullish pullback.
A failure to regain the 20mo MA for SPX after a breakdown … normally spells serious trouble though.
As for GDX, I have a fifth wave down near … BC’s capitulation wave ?? Watch out though, could be an ED, where 1 down is vicious but 2 up retraces alot of it before the rest completes. When it does, as per my LT piece, it will only end A down off 2011. Not the whole shebang.