Friday, June 5, 2009

Equivolume Chart of GLD (Gold Bullion ETF)

a chart from this morning's newsletter, on which I have included my latest wave count.

previously, I was trying to find an ABC or seven wave pattern in last winter's rally and then thinking that more recent fluctuations were part of a new set of bearish waves. but it seems pretty clear to me now that it all can be considered a single ABC correction.

as for the scenario penciled in, yes, I do think something along those lines is possible. but I also recognise that my scenarios rarely play out with any precision. only when a market starts to follow along with my conception do I start to take the scenarios seriously.