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Strategies & Market Trends : Classic TA Workplace

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To: mishedlo who wrote (71505)	4/16/2003 5:32:09 PM
From: skinowski	Read Replies (2) of 209892

FWIW, GCO3M gold since the top on Feb. 2 declined in what can be seen without difficulty as 5 waves. If you check the 120 min chart, you'll see a series of bullish MACD divergences. I figured it was due for a bounce, and it did, but so far sluggishly, in 3 waves. A 38% retrace of the decline should take the price into the mid-340's. It should show more strength in the next day or two, I think, if this scenario is correct. An alternate would be that the range from 2/18 to 3/11 was a triangle, and that the entire decline was in fact an A-B-C. This would be much more bullish. A move under the recent low of 320 would mean that the game plan is not what I thought it was...

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