| | | Thank YOU and everyone here. A very thoughtful, stimulating thread.
What complicates the issue is that $GOLD doesn't have a corresponding count. The decline of the past couple of years overall looks like a three-waver. That suggests that the bear market may be, in fact, over.
However, if Gold breaks to new laws, would it make the entire decline an impulse? If so, then the reports of an unstoppable great bull market - just around the corner - may be a little premature. Possibly, by a few years.
That said, even with new lows, one could still interpret the decline as completed - like, for example, an ABC-X-ABC - with us being presently in that second "B". Wouldn't be a very elegant count, but... bear markets are entitled to be a little messy.
Shorter term, $GOLD is in the same boat as $HUI. The three-wave nature of the August rally suggests that the downside may not be finished yet. |
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