ro, I'm not trying to compete with vt - in fact we've PM'ed each other a little bit about this. I do however have a different count perspective. I'm a novice.
I use the XAU and believe we could have had the 3 of 3, just completed the 4 of 3 and now are in the 5 of 3. The major 3 could end at 5 minors, or extend. I'm thinking it most likely will end. Then we would have a corrective and beyond - well that is beyond.
This impulse uptrend should and does channel very well. So whether you use vt's count/target, or mine, the channel bears special watching. My 5 of 3 target ends somewhere between 75/80. If the major 3 extends it (the major 3) will go higher.
I plan to very closely observe the RSI and other parameters against the position of the XAU in its uptrend channel. If the RSI does not respond as the XAU moves back up in its channel for example, I'm going to be ready to take some serious profits.
The uptrend channel can be defined by two lines, easy stuff. I recently noted the importance of 67.5, approximately. The lower channel line at the present position is just below this, 65/66. It appears to have held, and has not yet hit the lower trendline. The upper channel line is parallel to the lower, about 74/75 right here.
This stuff works fairly well, so my suggestion is to use it. Each to his own, but remember Slider's pigs get fat, hogs get slaughtered. I'm pretty fat.
I've also looked through my stocks and many are approaching what would normally appear to be significant resistance levels. In these bullish environments one can usually come out okay beyond the peak in the index, at least with these small caps. This is per my experience.
Shack has an older count on the HUI over here:
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