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Thursday, November 4, 2010

Thursday 11/4/10 update

Gold is getting me crazy.
There are two possibilities here.  First is a continuation of the idea presented yesterday, which is that Minute Wave 3 (green) ended with the highs of Oct 14 - 15 and we are currently in Minute Wave 4.  Since Minute 2 was a zig zag, Minute 4 should be either a triangle or flat.  With the run up of last night and today the triangle is off the table, so that leaves the possibility of a flat.
Gold Alternate 1

The other possibility is that Minute Wave 3 is extending.  In this case the low of Oct 22 would mark the end of a zig zig Micro Wave 2 and we are now in Micro Wave 3.
Gold Alternate 2

The ES has also been quite difficult of late, but I believe the picture is beginning to clarify with today's rally.  If the below count is correct, we are in the 3rd of a 3rd of a 3rd of Minor Wave 5 (red).  Target right now is in the ES 1220 area.

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