I would not go into naming this chart but I feel that the reversal of crude is in the cards. 88.6% OF XA, 127.2% of AB and 161.8% of BC are all converging in very tight range so offering good support.
I am taking risk as clear triple top is forming but we are buying, let us see. Instinct.
Sell near o.8368. An Elliott wave sell setup is forming in C wave and triple top is also formed. Sandeep Gupta, Technical Trader Twitter: twitter.com Tradingview: www.tradingview.com Mail: sandeepguptafx@gmail.com Disclaimer: www.tradingview.com
Buy into C wave. Buy near 1.13036.
If you are already short, remain so until the levels 3721.65.
There is an ending diagonal setup. The sharp sell off is expected to the starting of the diagonal. We kept our target at 38.2% of wave (3).
There is a correction in the gold after a very long impulsive move from 2001. I found a barrier triangle in wave 4 of wave (A). The blue line shows the trajectory that may be followed by the gold.
Sell near 84.76. The five waves are completed and the A, B, C correction is due. This correction can be 61.8% or more of the previous five waves. The double top is forming and the third top is in pressure and indicating the breakdown downside.
The 5th wave is forming ending diagonal. There may be rally up to the base of the diagonal. I took my target, the 50% retracement of wave (A).
Buy near 1.6105. We are near to complete the B wave of long downward impulse move. In a sense we aere buying C wave.
We seems to be in 3rd wave to complete 5th wave.