Getting ready to go long gold and gold stocks
see text on chart
sam.trader.10
The chart shows wave 3. I was wondering where 0,1 and 2 will be located. It would help others learn, please. Thanks.
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JohnKer
sam.trader.10
Wave 1 began in January of 2016; wave 2 ended in Feb. of 2016. You can see them clearly on a daily chart. Just don't want price to go below $1.31 of KGC or it invalidates the long term pattern. Looks like however gold is coming to a bottom now to finish wave 4 which indeed did turn out to be complex. Personally I've been dollar cost averaging into KGC and a few other gold stocks...for the long term hold. @sam.trader.10,
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sam.trader.10
JohnKer
@JohnKer, Thank you John. Much appreciate your response, helps the learning process. Elliott wave principle is pretty complicated and daunting.
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JohnKer
sam.trader.10
@sam.trader.10, you have to memorize the rules or you'll never have a chance of using it successfully; begin with reading Pretcher's Elliot Wave Principle book. Other suggestion, when a wave gets complicated just ignore it, count again when it becomes clear or go to a different mkt. You're goal is to make money (i hope) not perfectly count waves all day. Last, look at others who post here and do wave counting all the time - just looking at those patterns again and again with them labeled will get your mind tuned in to seeing the patterns/waves easily.
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