---------------------------------- have a look at the ENTIRE monthly on DEM (update if you haven't done so already) as a long-term guide. nice work, keep it up. Welcome to ET.
Hi deadbroke - thanks for supporting. I like your screen name. I have been deadbroke many times. About DEM, I assume that you are talking about DMK. Yes, I have studied that long term history of Mark. Currently a long term cycle is point north. That's why my my preferred wave count of EUR is to north.
Comments are welcome. Gold update: http://www.trade2win.com/boards/metals/99826-gold-wave-count-2010-08-a.html#post1206770
I have a mixed view on gold. I can support both a bullish and bearish case for gold. I appreciate your posts.
Thanks! Yes, I agree that gold could be bullish or bearish at this moment, especially after Monday's medium size doji.
Yes. It appears to be very bullish. One possible bearish alternative is that a wave-C could be forming from 07/20/2010's low. If so, we have completed wave-a and wave-b of that wave-C, and now the wave-c of wave-C is in progress. In that scenario, the wave-C will finish when it reaches wave-e (after wave-d), and the possible reversal target is around SP's 1140 on next Tuesday or Wednesday.
I've been broke to the bone x times in this lifetime, Lord knows how many in previous LTs. But nobody has pulled off the feat to be both dead and broke, given there is no economy in the afterlife. Deutsche Mark aka DEM is what I'm referring to .... quarterly shown for convenience; a clear 5-wave move north from 1969 necessitates a massive correction into at least the previous 4th wave of lesser degree, hence the target shown. Corroboration of direction comes from the busted neckline of the H&S - if it doesn't get ruined by the current rally. (Note chart is only updated to June 2, 2010 Also note that the current rally in eurUsd on monthly is from the zone of a previous 4th. If this northbound rally in eurusd fails, then for sure we're headed to the one I'm showing in the quarterly chart below Uploaded with ImageShack.us
Thanks to deadbroke for sharing. Yes, we are talking about the same currency. Please see: http://www.trade2win.com/boards/forex-news-analysis/99822-euro-wave-count-2010-08-a.html#post1208280 That's why I have a strong bullish wave count on EUR.