In NFTRH 201 we looked at daily, weekly and monthly views of the HUI and interpreted what each had to say about their respective time frames (short term, intermediate and bigger picture).
Here is the REAL big picture view as represented by the Barron's Gold Mining Index. Don't Elliott Wave people go on about a concept known as 5 waves? Isn't the 5th wave supposed to be a powerful one?
I am not an EW, so consider that a disclaimer for this post. We'll stick with the shorter time frames mostly, but this chart helped us keep perspective over the last year when used along with the shorter term stuff.
http://www.biiwii.blogspot.com
http://www.biiwii.com/analysis.htm
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Here is the REAL big picture view as represented by the Barron's Gold Mining Index. Don't Elliott Wave people go on about a concept known as 5 waves? Isn't the 5th wave supposed to be a powerful one?
I am not an EW, so consider that a disclaimer for this post. We'll stick with the shorter time frames mostly, but this chart helped us keep perspective over the last year when used along with the shorter term stuff.
http://www.biiwii.blogspot.com
http://www.biiwii.com/analysis.htm
Subscribe to NFTRH or
Subscribe to the free eLetter
Your 2,3,4 wave could also be and ABC wave. In fact wave 4's don't overlap with wave ones. It forces you to recount.
ReplyDeleteNotice how your wave 3 is a 3-wave movement. When it should be a 5-wave.
Wave 1,3,5 should be 5-waves.
Anyway, why not use the miners index of the tsx? or some etf.
Thank you bs, very interesting. As noted, I'm no EW and even hesitated putting designations on this chart. 2 (A), 3 (B) and 4 (C) sound good.
DeleteSo an ABC is bullish, assuming of course that C has been put in.
But aren't ABC's generally smaller than the waves that led up to them? I mean, that is one hell of a big picture correction.
Yeah the ABC wave is still a little iffy here. Presuming a positive outlook, we would be bullish. But the Barrons chart is a little big, not detailed enough for EW analysis. Thats why I was wondering if another index might be more suitable.
ReplyDeleteCheck this fella. He seems to have developed some EW skills if you can call it that. I used to be hooked on this organic mathematical genius of a skill (group psy/biological economic thinking?) but now I just use it to check how I'm thinking. Long story, anyway here is the link.
http://danericselliottwaves.blogspot.com/
I'll be posting these once and a while too on Discoveryalarm.com Miners tend to grow in an EW manner, especially when they find something fresh/new....