Perfect Wave - 2010-10

Quote from JoePaterno:

Comment: why do you come to this forum to continuously point people to their competitor? Seems a bit of bad form, seriously...

Sorry about that! That's not what I intended to. I only wanted to add a link to where my original post was as a reference. I previously did not know how to post image from different site, so there were links only. Now I know to use img tag for images, and I have started posting images in that way. Because of this, readers no longer need to click on the web address to read my article.
 
10/14/2010 (Gold Update)

http://www.trade2win.com/boards/metals/104388-perfect-wave-gold-2010-10-a.html#post1287662

Gold may be waiting for a final thrust to set a new high and form the wave-_3 before a big correction back to previous wave-__4 ($1330-$1340 area) to form wave-_4.

93666d1287112876-perfect-wave-gold-2010-10-20101014-gold-intraday.jpg
 
10/19/2010 (Gold Update)

So far, gold has been following 10/14/2010's intraday wave count and 10/16/2010's daily chart wave count with a good size of setting back to $1330 area, which was previous wave-__4. Now it may be forming the wave-_4. If so, next wave will be wave-_5 to challenge the all time high in order to form the wave-3 of this bull run.

93986d1287535601-perfect-wave-gold-2010-10-20101019-gold-intraday.jpg
 
10/21/2010 (Gold Update)

Gold has shown 5 impulsive waves down, so it negated the assumption that the past few days was a corrective wave. With that said, I would like to change last week's alternative count to be the preferred one. It might not be a bad idea to establish short position if the market can bounce some 0.382-0.5 back.
94190d1287714340-perfect-wave-gold-2010-10-20101021-gold-intraday.jpg
 
Quote from snowrider:

10/21/2010 (Gold Update)

Gold has shown 5 impulsive waves down, so it negated the assumption that the past few days was a corrective wave. With that said...

This is a poster child for why Elliot Wave is a useless methodology.
 
Quote from snowrider:

Thanks for your input. Please share some of your useful approach!

somehow, this is giving a sense of deja vu...

Try this on for size - don't follow something you read in a book. backtest, walkforward test, and then test it with real money to prove it has value. Everything else is noise.
 
Quote from JoePaterno:

somehow, this is giving a sense of deja vu...

Try this on for size - don't follow something you read in a book. backtest, walkforward test, and then test it with real money to prove it has value. Everything else is noise.

Good point!

I believe that trading by wave analysis is one of the hardest approaches to master. It's an art dude.
 
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