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To: ItsAllCyclical who wrote (1405)	7/18/2008 4:21:45 PM
From: ItsAllCyclical	Respond to of 3209

Ok, got some feedback on this one and realize my green conclusion is bunk. Thanks. Need to read a lot more before I do myself some damage EW wise. Right now rely more on sentiment, FA, TA and other tools. But going to continue to learn EW.

To: ItsAllCyclical who wrote (1405)	7/19/2008 11:48:09 AM
From: skinowski	Respond to of 3209

I posted a somewhat similar chart recently. Message 24760781 The point is that your three legs down may represent not all, but only Wave "A" of a larger and more complex correction. If this proves to be the case, we may be close to starting a wave "C" down. If the formation which you posted is destined to become a "cup & handle" - then, maybe the way to go is to wait out the "handle" and buy the breakout. This would help avoid the danger of getting stuck in a possible test of May lows... imo.

To: ItsAllCyclical who wrote (1405)	7/19/2008 11:53:42 PM
From: illyia	Respond to of 3209

Yeah. But, if that "B" is an "abc" then the "c" can be impulsive. The question, to me is, will it break the line linked in the chart, below; the one that makes up the bear flag, and which probably just had a "throw-over" "c - impulse" wave. That's "probably": As in WTFDIK (what the &*($ do I know). stockcharts.com It is already poking down, hinting... If there is a failure (hinted at for many months on my spidery charts) then I am glad I sold GLD. However, I also have muchos physical at low prices, so I am :o) to buy more. "B" complete, with "C" to finish it off? Or a whole new up-wave. i. (P.S. What Skinowski said.) (PPS - I might add that GLD is a beautiful Elliot Wave chart, with its five ups and three downs, and all.)

To: ItsAllCyclical who wrote (1405)	7/20/2008 1:23:59 AM
From: patron_anejo_por_favor	Respond to of 3209

Here's my count of the GLD since mid 2005 (which in longer term charts, looks like the III of the whole gold bull): Currently we are in a v of 3 of III, this part of the chart is enlarged here. The part in your green circle is the "3" of v of 3 of III in my chart (an impulsive move): By my count we are in the corrective off of that impulse, with one more impulse to follow, perhaps with a nominal new high (100-105 on GLD). Then a longer lasting corrective for several months.....as always in Eliott there are other counts (especially down at the detail level, where the latest "3" could be subdivided further, etc). Should be more up ahead before the BIG correction (the IV of the whole bull, which should last 9-15 months). But I'm new at this too, so take all this with a grain of salt.....<G/NG>