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Strategies & Market Trends : Longer-Term Market Trends
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To: NOW who wrote (530)5/17/2008 1:31:28 PM
From: skinowski  Read Replies (1) of 3209
 
PS - Another $HUI (GLD) comment wrt to your chart:

Every time one sees a three-waver following a top (bottom) it's worth considering the possibility of an evolving triangle. In that case, the index may go on up and down for several more months until it completes a triangle. The resolution would typically be bullish.

Another formation Gold seems to like are (flattish) double zigzag corrections. That would also be bullish.

Of course, as mentioned, a series of 1's and 2's down would be very bearish, as would be a leading Diagonal.

I will put up a trade on gold, but only after this conundrum shows its true face.

The one version least helpful to me would be if the entire correction is over, and the rally is on. In that case I'd have to chase price, which I don't like to do.
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