that is the bullish count and the one that i am favoring. in bull markets one has to give the benefit of the doubt to the bull. "do not mistake genius for a bull market. "The "A" wave up (from the "Y") is a 5-wave structure, so it could be a 1.
If Gold closes above the "X" wave, the down count is negated.
obviously there are bearish possibilities too. but they are on the back burner for now.
one last thought if one puts up a monthly gold chart, the pattern since the highs looks very bullish and is constructive. now, i know for traders monthly charts are not a top priority. i am an investor in this sector until it expresses itself fully
dharma
Edited by dharma, 13 October 2008 - 01:40 PM.