Loading ...GOLD EW count. Complex Correction ?
This is my EW count for gold . The blow-off top in Silver makes me think this correspond to a wave (5). Typical of commodities …
If you look at the first chart, you can see that gold is struggling with the 2011 trendline and the lower trendline. Price is just been squeezed right at the corner.
We have coiling price action that is soon to face the moment of truth.
The price may go lower again to touch that support line or the triangle, and if they do the point at which they
find support may be revealing. We may finally get the long anticipated breakout higher.
We are dealing with probabilities here and P2 can still go lower … without invalidating this count.
The consolidation from July is looking like a complex correction ending with a triangle.
We may be in the final leg down before turning higher … or not.
Gabe, It seems that your and Avi’s chart patterns in the previous post look very similar but his shows “e” at the top of your small wedge (which is my Trading Cycle BTW). After Avi’s e, he shows it going down into 2 of an a,b,c correction.
I would assume his chart projections are also correct from an EW standpoint?
If i am right, he is just using an a-b-c (zig-zag) correction with the wave c to coming next to complete wave 2 … I don’t see any correction with a wave e.
https://s15.postimg.org/nmuddoi2z/avi.jpg
My correction is different. It is a w-x-y (complex correction) with wave (y) forming a triangle (a-b-c-d-e). IF my count is correct, wave e will
end in the next days near 1312-18. IF we go below 1312, I will have to consider a simple a-b-c correction.
Got it, thanks. FWIW, my cycle Time for the next short term TC Low should be late next week to early in the following week. Norvast thinks Oct 9/10 may also be the longer 5-6 month Intermediate Cycle low as well but I am less certain as this would be relatively short at 4+ months. I think the IC Low will likely take longer.