this is wacky even for me but . . . here's the fibonacci number series: 0 1 1 2 3 5 8 13 21 34 55 89 144 233 377 610 987 1597 2584 4181 6765 etc so I thought I'd add up the numbers in the series, excluding 0 1 1 2 3 5 8 13 21 34 55 89 144 233 377 1 2 3 4 5 6 .7 ..8 ..9 10 11 .12 .13 - - and since silver's hit the 21 thought I'd make 233 - $23.3 a W5 target - see chart
hi setharb, the crossroads are up ahead at the previous d and w hc and hh the gold chart's a little easier for me to see, and i think in ew terms the w 4 correction is complete and w 5 has started the crossroads will decide whether or not the current rally is in fact a w 5 and not a reversal formation; the price has to rally thru the previous hcs and hhs significantly to confirm the move is a w 5 i've got a gold target of $1300 - fibo # but silver to $23 seems a little low so i'll raise the target to the lucas fibo # - $28
Wallace, can you post a chart of your current EW count.... I think we are still in w4 correction and see at least two viable counts with the third being a running triangle... I will post the extended flat / double zig zag and a triangle <img src="http://elitetrader.com/vb/attachment.php?s=&postid=1992747">