Thread: Elliott Wave Trading Discussion

Originally Posted by mike3gdc

I have been holding my breath recently! was nervous IF gold takes the Feb's high? as mister Prechter again,after DX bottom-out call will be under investigation! and it seems,like other markets has 2 more legs up so I think you made the right decision by going LONG but obviously it wont be sustainable as we EW folks believe she will begin her sell off soon...

ps: why you said,after equity sell off gold will hold up better?

mike3gdc, yeah if my triangle minimum chart pattern target ends up being accurate, then we should see $1,150 minimally before it sells off. We'll see. I'm hanging in there so far. hehe!

Thanks for your comments, Mike.

Originally Posted by aerocom

Mike3;

While you are waiting. Down load and read the ebook. There is a better way to play the diagonal than waiting for the B wave. Better as in lower risk to reward.

Good Luck.

Do you have the e-book? I've read the printed version.

what do you mean by:

"There is a better way to play the diagonal than waiting for the B wave. Better as in lower risk to reward."

Cheers,

Originally Posted by Sean Hyman

mike3gdc, yeah if my triangle minimum chart pattern target ends up being accurate, then we should see $1,150 minimally before it sells off. We'll see. I'm hanging in there so far. hehe!

Thanks for your comments, Mike.

Sean,I think once the euity sell off kicks off,it will bring down the gold with em.

why you said,after equity sell off gold will hold up better? thanks

Originally Posted by speculator84

I think i've got it!

Talk about complex? I'd like to get the boards opinion on the possibility?





Wave W - $1032 to 736 (9/11/08)
Wave X ( irregular) 736 to 1006 (02/20/09)
Wave Y $1006 to 930 (08/17/09)

I like this count because it aligns with the high low dates of AUD and CAD GOLD.

Here is Gold over the same period in canadian dollar terms...same can be said for AUD...WXY high lows are the same dates.

Further more to support the irregular X, wave b of X is 1.27 ext of a and wave c is a 1.27 ext of wave b!

This is still my preferred count!

An interesting observation though is that the commodity currency experienced an irregular wave 4 correction. The canadian dollar even had a running flat!

Where wave C didn't even make it to wave A! This only happens in extremely strong trending markets. So....the next upwave canadian gold should exceed US gold in % terms. Same with AUD/GBP & EUR GOLD!

I honestly think something is running a mock geopolitically, gold is the smoke and the fire is yet to come.

Originally Posted by mike3gdc

Sean,I think once the euity sell off kicks off,it will bring down the gold with em.

why you said,after equity sell off gold will hold up better? thanks

This is my personal opinion, but gold usually holds up better in a "fear based" or "inflationary" environment, either one. In that case, it would be the fear based one.

Also, gold is very liquid and its easy for big hedge funds to exit stocks and park some money in gold.

Here's a chart of gold vs. the S&P 500. Gold has outperformed the S&P since mid 2007 during all of the credit crunch. I expect that it is likely to keep this uptrend compared to the S&P.

Originally Posted by Sean Hyman

This is my personal opinion, but gold usually holds up better in a "fear based" or "inflationary" environment, either one. In that case, it would be the fear based one.

Also, gold is very liquid and its easy for big hedge funds to exit stocks and park some money in gold.

Here's a chart of gold vs. the S&P 500. Gold has outperformed the S&P since mid 2007 during all of the credit crunch. I expect that it is likely to keep this uptrend compared to the S&P.

The amazing thing is that this chart looks the exact same as the canadian or australian gold charts. You wouldn't say that the last impulse was corrective but it was!!!! Runinng flat!

Gold is destroying all asset classes.....also tells me the stock market is only the domain of massive hedge funds who will only end up yielding the same as the currency appreciation towards gold. If they are lucky.

Originally Posted by speculator84

The amazing thing is that this chart looks the exact same as the canadian or australian gold charts. You wouldn't say that the last impulse was corrective but it was!!!! Runinng flat!

Gold is destroying all asset classes.....also tells me the stock market is only the domain of massive hedge funds who will only end up yielding the same as the currency appreciation towards gold. If they are lucky.

speculator84, Yeah, actually its that all other assets are getting trashed fundamentally by their central banks through excessive money printing/quantitative easing...holding interest rates artificially low, etc. So the smart money has "hidden out" in gold while these central bankers do all of this to hopefully put the shock pads onto the hearts of their economies and attempt to revive them.

Britain and the U.S. have really done a huge job in tearing up their currencies for the sake of their economies in the short run, rather than being long-term minded.

Originally Posted by Sean Hyman

This is my personal opinion, but gold usually holds up better in a "fear based" or "inflationary" environment, either one. In that case, it would be the fear based one.

Also, gold is very liquid and its easy for big hedge funds to exit stocks and park some money in gold.

Here's a chart of gold vs. the S&P 500. Gold has outperformed the S&P since mid 2007 during all of the credit crunch. I expect that it is likely to keep this uptrend compared to the S&P.

Thanks for such great clarification.

One question: How about if gold drops and broke your green trendline on your chart? can we expect gold price around $650.00?
or would the fear factors or liquidity,hegde found,inflationary forces still can hold it?

thanks again.

Possible fifth wave bear wedge on the progress.

Can BigMike or Marketwavez or anybody comment on this chart please?

do you see the correction from the high as expanded flat or alt count with 5th wave being the bottom?

many thanks

Originally Posted by kaori

Possible fifth wave bear wedge on the progress.

nice one kaori...

my Ending diagonal 1-3 trendline being over shot.why your red dot line didnt...why you drew the wedge expanding lines like that? cheers

DOW Update...

Here´s a bit better shot for it, 361.8% was likely w3 of w5 top allready, rest are w5 of w5´s....

Originally Posted by kaori

Here´s a bit better shot for it, 361.8% was likely w3 of w5 top allready, rest are w5 of w5´s....

I still dont get the significance of your red dot lines? it cant be Elliott channel nor the expanding diagonal lines? can you please tell me what is it? how important that is?
cheers

Btw. it´s at the same time 261.8% relation with SPX. Btw. you draw it correctly, I usually allways take it from W3 top. EW books and advisors to draw it the same was as you did.