Yes I will expand more later, I have to go to work now.
It relates to the same reasons why there was a difference in that dollar A (non impulsive) wave versus the C wave (impulsive).
If the gold indices are still in a long correction, this wave up will not be impulsive, because it will be a big [B] wave. It would then take on some abc pattern, more than likely. Sometimes it is very hard to tell the difference, sometimes it is easy.
Whether one counts big waves or little waves, the rules are the same.
Look at HUI from about end of July 02 to early Sept 02. That is a big B wave with an abc. Now go to Oct 21 02 to early Jan 03. I think that is also a big B wave with an abc, however I have seen some count it as a 1 (impulse) up, of this last wave up. I don't agree with that but can not prove they are wrong.
There is new recent poster on Shack's board, who has added some very good discussion on some ewave issues. His position re the markets is that this bear is essentially over, or I should say that is his favored position. I can see he knows enough to change his stance, if necessary, going forward. If his stance proves to be correct the scenario for gold going forward is mega bullish. |
