Variable: pcomplete-expand-before-complete

If non-nil, expand the current argument before completing it.
This means that typing something such as '$HOME/bi' followed by
M-x pcomplete-argument will cause the variable reference to be
resolved first, and the resultant value that will be completed against
to be inserted in the buffer. Note that exactly what gets expanded
and how is entirely up to the behavior of the
`pcomplete-parse-arguments-function'.