|  MAR 1983

Gold: Bull or Bear Market? by JESSE H. THOMPSON

Gold: Bull or Bear Market? by JESSE H. THOMPSON How to use a monthly swing chart to determine major trend. 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.

by Jesse H. Thompson