Teresa Lo has been pointing out that various technicians have been talking about the "inverse" or "reverse" head and shoulders pattern that would signal a breakout to the upside. The problem, as she points out, is that there is no such animal as an "inverse" or "reverse" h/s.
So, my question is whether Elliot wave theory can be applied to the usually enigmatic gold complex? The argument is that Elliot wave theory is predicated on a functioning cerebral cortex, with sentiment based on gaussian distributions, etc... and most gold bugs are operating at the midbrain level.
Disclosure: I recently sold a mutual fund of gold miners (FSAGX) that I have had for years. I still own GLD, but I am looking to reduce my stake.