for gold, you're saying that the c wave might have ended. you have wave a from 1522-1662, b wave from 1662-1625, and c wave from 1625-1738.
however your c wave is only 113 pts long, compared to wave a's length of 140.
c waves are often longer than a waves, going upto 1.618 times wave a, so why do you think c wave will be truncated this time?
nim1984 - Good point! We don't know if wave-c has finished yet. That was just my guess because GCG12 is rolling over to GCJ12 now. Sometimes a reversal occurs around futures contracts' rollover dates.
Not a bull, not a bear, I am just a wolf ... 偶還是習慣稱行情漲為紅盤跌為慘綠
i agree with your projections on gold, but im not sure your wavecounts match mine. i like to keep it simple, so i only use waves 1-5 and then abc.
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nim1984- Thanks for commenting and sharing your thought. Yes, I like your idea of keeping it simple. That is also one of the reasons that I don't agree RP's wave counts most of the time.
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i think wave 5 of wave A was over at 1522, assuming 1920 was end of wave 3. right now we're in wave B which could go as high as 1760 area. then wave c will break to new lows...maybe mid 1300's?
then we'll have the last wave 5 which will take out the high of 1920, but dont have a projection for it.
note: i'm not an elliott wave junkie. i did this analysis in 10mins looking at monthly chart, just to get a feel for where we are right now in the cycle.
Your scenario is quite possible. In that case, this big ABC correction is in the same degee as that of 2008 one. For now, no matter whether we are in a big ABCDE or a big ABC, the medium long term's momentum is heading up.
Not a bull, not a bear, I am just a wolf ... 偶還是習慣稱行情漲為紅盤跌為慘綠
Could 1987 be a end of wave 1, (approx) 2000 end of wave 3,
2008 end of wave 5 ?
If so, then could 2009 bottom be wave A , 2011 top end of a 'B' ?
and where would a projected wave C end ?
Thanks !
jas_in_hbca - It could be. As I believe and mention many times that anything is possible.
With that scenario, we are going to enter a long term bear market soon.
That bear market could have 2.5 more years to go, and it's final destination of the bear movement will be after falling below 2009's low.
Not a bull, not a bear, I am just a wolf ... 偶還是習慣稱行情漲為紅盤跌為慘綠