Gold: What will happen when this correction ends?
Hi Guys,
following my previous post, the precious metal is continuing its correction within what looks like a potential 4th wave correcting the big 3rd made yesterday.
Gold seems to have completed W and X, therefore Y may form a combined structure before completing the corrective pattern.
For more information please visit this link on corrective waves.
www.elliottwave.net/...ictenets/basics3.htm
A lot of us are posting ideas similar to the one posted by AhmedSar. Bat Patterns bouncing at D to target the bottom of 4th wave with target at approximately 1197. At the moment price is correcting but I am not sure yet if such a target is achievable. I will keep following the moves and try to keep you updated.
Thank you for sharing your views and comments. Any idea is a contribution for better understanding The Matrix.
Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for following and for sharing your ideas.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
following my previous post, the precious metal is continuing its correction within what looks like a potential 4th wave correcting the big 3rd made yesterday.
Gold seems to have completed W and X, therefore Y may form a combined structure before completing the corrective pattern.
For more information please visit this link on corrective waves.
www.elliottwave.net/...ictenets/basics3.htm
A lot of us are posting ideas similar to the one posted by AhmedSar. Bat Patterns bouncing at D to target the bottom of 4th wave with target at approximately 1197. At the moment price is correcting but I am not sure yet if such a target is achievable. I will keep following the moves and try to keep you updated.
Thank you for sharing your views and comments. Any idea is a contribution for better understanding The Matrix.
Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for following and for sharing your ideas.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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Please note that Wednesday and Thursday PPI and CPI datas are due for release and regardless of wheather you consider GOLD to be a good hedge against inflation these news will likely increase volatility.
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In the hourly chart it is interesting to note that the last two candles which may lead to a three white soldiers candlestick formation
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This would be like a contracting or symmetrical triangle:
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This is better than the previous one. It is still just a possible scenario amongst many others + at this hour I do not expect the necessary volatility. It is just an excercise for training myself. Lol
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The bullish candlestick formation spotted at 1H was stopped after formation of the 1st ZigZag that made a) in the 15min chart
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Or maybe this...
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The vertical line on the right shows 14:30 but should show 9:00 when markets open.
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If I want to trade the move up to form E I first have to verify if it generate my required 10 ticks and if it is the right time to enter. For entry I am trailing the dotted trendline at the moment but I have not decided yet...
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