In this chart i have contrasted 2 ways to count the recent gold's decline.
In blue there is the wave count expressed by the EWI, that went open public in a video released the last week.
In black is my view of the wave count (I hold from at least since year or so that this decline have a very significant 3)rd wave extension)
Both wave counts have the their's weak points and how seriously each analysis consider it's weak points makes the difference.
Of course, I'm not claiming be the best doing this, do not get me wrong, my only intention with this post is to explain why and how using the very same technique 2 analyst can have in a major agreement (both of us think of this as impulsive decline), minor differences that could lead for moments to different perspectives.
Why did I choose the black count? mostly because an impulse that you can see at the beginning of the decline.
That remarked impulsive after my 2) label, is one of the weak points for the EWI wave count. They integrated this impulse in a very long X wave to explain it as part of a ZIGZAG. The only problem i have to see EWI's ZIGZAG is that it's c)) wave ends with no great difference from the end of it's a)) wave, think some how uncommon, besides the fact that in a combination the connecting waves (the x's) do not tend to be longer than the corrective patterns (like w, y and z).
My weak point is the 5 of 3) that was kind of tight it's end vs the 3 wave. with some broker's charts even appear as truncated.
And the weak point for both and that could lead to a very needed alternative count if continues is the last remarked impulse (with light gray) that shows a kind of impulse. Is not totally clear as an impulse but could be. And there is where both counts could get more different.
In blue there is the wave count expressed by the EWI, that went open public in a video released the last week.
In black is my view of the wave count (I hold from at least since year or so that this decline have a very significant 3)rd wave extension)
Both wave counts have the their's weak points and how seriously each analysis consider it's weak points makes the difference.
Of course, I'm not claiming be the best doing this, do not get me wrong, my only intention with this post is to explain why and how using the very same technique 2 analyst can have in a major agreement (both of us think of this as impulsive decline), minor differences that could lead for moments to different perspectives.
Why did I choose the black count? mostly because an impulse that you can see at the beginning of the decline.
That remarked impulsive after my 2) label, is one of the weak points for the EWI wave count. They integrated this impulse in a very long X wave to explain it as part of a ZIGZAG. The only problem i have to see EWI's ZIGZAG is that it's c)) wave ends with no great difference from the end of it's a)) wave, think some how uncommon, besides the fact that in a combination the connecting waves (the x's) do not tend to be longer than the corrective patterns (like w, y and z).
My weak point is the 5 of 3) that was kind of tight it's end vs the 3 wave. with some broker's charts even appear as truncated.
And the weak point for both and that could lead to a very needed alternative count if continues is the last remarked impulse (with light gray) that shows a kind of impulse. Is not totally clear as an impulse but could be. And there is where both counts could get more different.