We looked first at a chart of AngloGold, and although our initial thought was to buy the stock at a ‘D’ pullback target, we held back because AU looked liked it had more correcting to do. Contemplating another chart, we discovered that the E-Mini S&P had impulsed overnight within a 10-day uptrend that was easily visible on the hourly chart. A morning shakedown made us eager to buy a nascent C-D leg. Our options were twofold: buy at the swing low of the countertrend; or wait for a camouflage opportunity on the first ABC pattern of the bounce.
