8/6/2019 Gold Technicals and Trend Report 27 July 2011

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27 JULY 2011

This is the entire bull run from the 1999 bottom

Some Ellioticians see the 2008 low in Gold as the end of wave {4} blue. Yesindeed it is the end of a major bottom, however, counted this way leaves thecount without alternation of waves {2} and {4} which both appear sharp inattitude

Taking a closer look I see more problems with this count

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What is commonly counted as wave (1) green, counts better as a wave (B)double-zig-zag, IMHO. Also, a perfectly good triangle is often ignored andchopped into a series of 1s and 2s. And further counting up the line often payslittle attention to alternation.

As you can see, this count suggest that a final 5th wave, 5 of (5) of {5}, isdone or about done. Such a count could point to a very great drop in the orderof 25 to 38%. From today's highs that would target a range of 1218 to 1007respectively. Every count is based on subjective interpretations, and everyElliotician is entitled to their opinion.This count could be right, but I prefer another

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This interpretation eliminates the problems associated with the other count.-- Wave {4} blue becomes an irregular flat, alternating with wave {2} blue. -- The previous wave (1) green becomes a corrective wave (B) orange. -- The triangle is counted better as an ABCDE correction to finish wave (C) of{4}. -- Alternat ion is respected in subsequent counts up the chain. -- Since wave (1) is counted off the end of the triangle (941ish), this leavesroom in the count for at least one more 5th wave higher as wave (5) green.

There are certainly far more bullish counts than this one, I recognize that. And ifthose counts become clearly apparent then I will adopt them, all in due course.

Currently, I see a confluence of ST counts wrestling with the end of wave (3)green and the end of wave (4)green. 1660 should be a key level in determiningwhich phase we are in. Keeping below suggests another 8-1 2% correct ion ispossible. Moving above 1 660 would likely cancel any significant near t ermcorrect ions. Either way, the larger t rend still should carry PoG much higher sooninto wave (5) toward 20 00 to 24 50 in 20 12NOW YOU WATCH OUR DAILY TECHNICAL VIDEOS ON YOUTUBE

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