TVC:GOLD   CFDs on Gold (US$ / OZ)
As seen on the chart, price has been running 50% corrections of the ranges and currently the 50 : 50 balance expected
at 1503 is completed.
Two scenarios to expect :
Price advanced 155.87 points and corrected 50% between bulls and bears, declining 78.39 points.

Price then expanded in ratios of 0.667 advance and 0.333 correction of 155.87.
155.87 * 0.667 = 104 approx.
Also 155.87 * 0.33 = 51.43 (104.83 + 51.05 = 155.88)

We have already seen a double advance of 104.83 points.
Projections are that if a next advance will occur, we expect price to either repeat 104.83 points advance from 1503.785
1503.785 + 104.83 = 1608.615 (TP 1)
50% correction: 1608.615 - 51.43 = 1557.185 ( TP 2)

Next, we can also expect a geometry of 155.87 - 104.83 - 104.83 - 155.87 to occur.
( 1 - 0.667 - 0.667 - 1 )

if price will make a 155.87 points advance from 1503.785
1503.785 + 155.87 = 1659.655 ( TP 3)
50% correction : 1659.655 - 78.39 = 1581.265 (TP 4)
The pattern favors a 1 - 0.667 - 0.667 - 1 formation as this will form a perfect 3rd Dimension harmonic pattern.
1 + 0.667 + 0.667 + 1 = 3.33 ( 3rd Dimension Harmonic Ratio )

Trade plan : TP 1 = 1608
TP 2 = 1557
TP 3 = 1659
TP 4 = 1581

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.