Gold: Bull or Bear Market?
by JESSE H. THOMPSON
How to use a monthly swing chart to determine
Before you attempt to answer the question, it is imperative to first define which trend you consider to
be the greater trend. For in the crosscurrents of markets exist several trends coexisting over variable time
periods. To one person an upmove lasting several days is a bull market while to another the very same
move is considered a normal corrective rally within an ongoing bear market of longer duration in time.
Therefore, first determine what you define as a bonified bull or bear market.
As a general rule, the longer term, more established trends are easier to trade. Most of the consistently
successful market operators of past and present, such as W.D. Gann, Jesse Livermore, Ben Daugherty,
have maintained that the greater swings are most profitable. Since this writer has no sustainable
objections to this premise nor do I doubt its validity, we will accept it as fact.