Gold at Accumulation Area

COMEX:GC1!   Gold Futures
"Gold Keep Dropping to possibly the bottom of an Area of ACCUMULATION"
I like it!
In my ew-count your downward channel should be the last abc in a bigger triple sharp (three downwards abc's in a row in a five wave structure) sometimes called a "terminal impuls" though it's not really an impuls, from the very start of the correction phase of the uptrend that started 2000.
AQ_Trader bracken
Hi bracken, thanks for the comment!

I'm not much of an expert when it come to Elite wave, but I think it make a lot of sense in this case..

Just to confirm I tried to draw the correction phase myself but I'm not sure if this what you were seeing, so I would like to have your thought on what I've drawn >>
bracken AQ_Trader
Hi AQ_Trader :-)

Let me first tell you that you have captured the essence of what happened in gold between the year of 2000 til today very well. That is what your chart communicates to me.

Now comes the difficult part. Please bare with me.
EWT (Elliott Wave Theory) is more than anything a way of communication, or if you so will a language. To have a common language we need words, concepts, grammar etc we all agree upon in order to understand each other properly. But languages evolve over time. The english language today is definetly not the same as for let's say just a couple of hundreds year ago. A langage is more than a tool for communication, it also creates the very buildingblocks for thoughtprocesses.
Mathematics is another language but instead of words we have numbers from one to ten (the mathematical base) and a set of very exact rules what we can do with them. We can add we can distract, multiply, divide etc. The Romans had the mathematical base 12 and the digital world has the mathematical base 2 (on/off, 1/2, plus/minus or how you want to express it). With the mathematical base 2 we have been able to contain practically all human knowledge in the digital world. With the mathematical base ten intellectual giants Einstein has been able to develop the relative theory that the rest of humanity still has not been able to fully understand the implications of.

Enough of languges already! Back to your chart.
I understand your chart and what you try to communicate. It's a piece of art (though the grammar stinks). A painter can do everything technically right in his work but if it does not catch the essence of what he's trying to communicate it can never be a work of art.

To master all the concepts, rules, guidelines, exceptions etc in EWT will take you many years. Still that would not with any degree of certainty make you to an artist. And EWT is furthermore constantly evolving so when you are finished learning EWT in its present costume it might be a dead language.

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