27 JULY 2011

This is the entire bull run from the 1999 bottom

Some Elliot icians see t he 2 0 0 8 low in Gold as t he end of wave {4 } blue. Yes indeed it is t he end of a major bot t om, however, count ed t his way leaves t he count wit hout alt ernat ion of waves {2 } and {4 } which bot h appear sharp in at t it ude Taking a closer look I see more problems wit h t his count

What is commonly count ed as wave ( 1 ) green, count s bet t er as a wave ( B) double-zig-zag, IMHO. Also, a perfect ly good t riangle is oft en ignored and chopped int o a series of 1 s and 2 s. And furt her count ing up t he line oft en pays lit t le at t ent ion t o alt ernat ion. As you can see, t his count suggest t hat a final 5 t h wave, 5 of ( 5 ) of {5 }, is done or about done. Such a count could point t o a very great drop in t he order of 2 5 t o 3 8 %. From t oday's highs t hat would t arget a range of 1 2 1 8 t o 1 0 0 7 respect ively. Every count is based on subject ive int erpret at ions, and every Elliot ician is ent it led t o t heir opinion. This count could be right , but I prefer anot her

This int erpret at ion eliminat es t he problems associat ed wit h t he ot her count . -- Wave {4 } blue becomes an irregular flat , alt ernat ing wit h wave {2 } blue. -- The previous wave ( 1 ) green becomes a correct ive wave ( B) orange. -- The t riangle is count ed bet t er as an ABCDE correction t o finish wave ( C) of {4 }. -- Alt ernat ion is respect ed in subsequent count s up t he chain. -- Since wave ( 1 ) is count ed off t he end of t he t riangle ( 9 4 1 ish) , t his leaves room in t he count for at least one more 5 t h wave higher as wave ( 5 ) green. There are cert ainly far more bullish count s t han t his one, I recognize t hat . And if t hose count s become clearly apparent t hen I will adopt t hem, all in due course. Current ly, I see a confluence of ST count s wrest ling wit h t he end of wave ( 3 ) green and t he end of wave ( 4 ) green. 1 6 6 0 should be a key level in det ermining which phase we are in. Keeping below suggest s anot her 8 -1 2 % correct ion is possible. Moving above 1 6 6 0 would likely cancel any significant near t erm correct ions. Eit her way, t he larger t rend st ill should carry PoG much higher soon int o wave ( 5 ) t oward 2 0 0 0 t o 2 4 5 0 in 2 0 1 2 NOW YOU WATCH OUR DAILY TECHNICAL VIDEOS ON YOUTUBE ht t p:/ / www.yout ube.com/ chiefsworldupdat es
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