Elliott Wave counts are like @$$holes-- everyone's got one. But that doesn't make the author correct.

Whenever this kind of garbage spews up, I refer people to this brilliant article, "Why Prechter is Wrong on Gold." Read it and you will understand the fundamental mistake most Prechterians make: namely, that waves dictate markets, as opposed to that waves are expressions of the markets.

http://www.gold-eagle.com/editorials_03/hultberg020503.html

For the record, I subscribe to McHugh, who also practices Elliott Wave, and he is clearly labeling this a correction within Major 3 up. Again, my point: different Elliott Wavers come to different conclusions. Follow only one at your own risk.

Here is someone who you can visit for free who has the same labeling as McHugh, and a recent chart from the site:

http://marketthoughtsandanalysis.blogspot.com/2009/12/gold-charts-us-dollar-charts.html

Hysteria