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Strategies & Market Trends : Classic TA Workplace

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From: elliottrules	4/16/2008 11:24:01 PM
	Read Replies (1) of 209892

In case there is any question about my take on the wave structure of HUI (or Gold)..here it is. I am short from 490.75, it closed 475.16. For the record, I was short prior to the high of 519.68. I believe todays advance is part of a corrective wave 2 rally from the low of April 1st at 417.79. Todays advance is either all or 90% of the c wave in an a,b,c zig-zag (5,3,5) correction that is retesting 3/17 high of 519.68. Fib resistance measured from the decline of 519.68-417.79 is: 61.8% at 480.46 76.4% at 495.52 Within wave 2: C = A at 483.53 (near 61.8%) C = 1.25 x A at 494.70 (near 76.4%) I will likely add to my short at 495. CONFIRMATION THAT THIS COUNT IS CORRECT WILL ONLY OCCUR ON A DECLINE BELOW 462.47 (the 'A' wave high from the 4/1 low). Until then, anything can happen and any wave count is nothing but a guess. Below 462.47 and the next decline should take us to 377(3 = 1) or 313 (3 = 1.618 x 1) Here is a chart with my current wave count.

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