Registered: Jul 2010
01-24-12 04:23 AM
i agree with your projections on gold, but im not sure your wavecounts match mine. i like to keep it simple, so i only use waves 1-5 and then abc.
nim1984- Thanks for commenting and sharing your thought. Yes, I like your idea of keeping it simple. That is also one of the reasons that I don't agree RP's wave counts most of the time.
i think wave 5 of wave A was over at 1522, assuming 1920 was end of wave 3. right now we're in wave B which could go as high as 1760 area. then wave c will break to new lows...maybe mid 1300's?
then we'll have the last wave 5 which will take out the high of 1920, but dont have a projection for it.
note: i'm not an elliott wave junkie. i did this analysis in 10mins looking at monthly chart, just to get a feel for where we are right now in the cycle.
Your scenario is quite possible. In that case, this big ABC correction is in the same degee as that of 2008 one. For now, no matter whether we are in a big ABCDE or a big ABC, the medium long term's momentum is heading up.