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Possible XAU Wave 3 Extension


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#1 The_Gold_Miner

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Posted 14 November 2003 - 10:43 PM

For all you E. Wavers, next week could determine the mid term direction of the XAU...

These charts are posted with permission from: WaveSpeak.com.

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#2 blustar

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Posted 15 November 2003 - 06:30 PM

How 'bout we are in wave 'b' of 4 of C. The 5 week cycle and the 8 month cycle suggests we go down first to $370 gold and 92.50 XAU then up. blu

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blu

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#3 The_Gold_Miner

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Posted 15 November 2003 - 09:16 PM

Hi Blu... I am not a fluent wave chartest although I do follow them. Could your post your chart with the counts so I can see what your refering to? Thanks

#4 blustar

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Posted 15 November 2003 - 11:16 PM

It's easy. Just adjust wave 3 over to the previous top 7 weeks ago, call the next bottom 'a' of 4 and the current top 'b' of 4. Otherwise, your wave counts look pretty good. I'm impressed. Also, could this be 1 of C as an alternate? If this is C, then $320 gold would be expected in the future correction. If not, then $370.

The more I look at things, the more bullish I'm starting to get on gold. A 10 % correction on the XAU is warranted here after Monday's expected top from what I see. It's after that where I see some real potential, especially in some mining stocks I'm looking at.

My expectation for BGO is being fulfilled in the $3.70's to $3.80's as I did recommend it at $2.85 the week before last for a run to this area.

$370 on gold would be my expectation for the coming correction.

Brad Gudgeon

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blu

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#5 The_Gold_Miner

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Posted 16 November 2003 - 10:21 AM

I found this comment interesting:

Steve Hochberg has not had a confident opinion for the XAU and has not published a chart in some time.

Regards,

Tom

Thomas E. Denham
Elliott Wave International


Looks like 3 different views on the XAU now.