chartwatchers

GOLD - The edge of 2nd and 3rd wave

FX:XAUUSD   Gold / U.S. Dollar
2433 26 55
Day 42 in my cycle count. Very long cycle. After yesterday's monster decline we've arrived to the 2nd level - the end of 2nd wave- where the blue trendline , the April daily lows and the 100 EMA (daily EMA ) is.
We broke through the blue trendline , and attacking now the daily candle's lows of April at 1224$.
I suggest patience here. All who covered some of the short positions should hold the rest of the short positions we might get one more drawdown this week to the to the 100 EMA (1219$) , maybe today , maybe Friday at the GDP.

The 3rd wave will start when we break significantly below the 100 EMA . The end of the 3rd wave is the16.02. DCL .
I think the daily cycle low will be at the 100 EMA or at the 16.02. DCL - this week - and we will have some bounce from there(5-6 days) before we start to attack the 200 EMA and the 16.02. DCL. When we break through that level - most probably 2nd week of June - the panic selling will start. I would like to be in full short positions again there.

Summary: Again I suggest patience. If you are short you can hold it a little more, we might come down this week to 1207 ( 3rd level - end of 3rd wave) . I tried to scalp on my account yesterday after market close with a small long position but the bounce was only 4$ . Gold             is very weak I don't think it's a good idea go long here because there is still a lot of room to the downside and who knows how strong is the 3rd and 4th level... Also a bit late for starting shorts now as we will print the DCL in 2-3 days. When we have the bounce (green line) there is a possibility to go short again and make some nice gains during the panic selling stage

Because of yesterday's decline I moved the 200 EMA to the 4th level (end of 4th wave)
Comment: We broke the april candle's daily lows. 100 EMA is next. (purple)
Comment:
snapshot
Comment: We might have printed the daily cycle low today on day 42.
Price has bounced from the 100 EMA. Now we should have a few days bounce as the dollar loosing its strength for a few days . Approximately 4-5 days of weak bounce. Maybe the testback of the 50 EMA at 1240-45$. It's almost impossible to tell how far it can go but it should be a weak bounce.
The dollar will be leading gold now.
snapshot
Thanks Arpi for your job!
F*ck the banks and brokers:)
+5 Reply
Thanks Apri for all your hard work!
+1 Reply
Your analysis and charting of this gold decline has been simply stunning. I have not ever seen such work. It has been quite a pleasure to follow you and your timely updates. Thanks for the education!
+4 Reply
RogerS PRO nmvipe711
Completely agree. Perfect timing and accurate analysis. Thanks Arpi !
+3 Reply
Awesome job. Like textbook instruction.
+3 Reply
Great analysis, I can see this clearly now. Th egg has cracked. Thanx
+4 Reply
Chartwatcher, 3 fed guys speak today. I'm wondering how that will affect price action, or should we just forget that and let the charts tell us. However, I am compelled to read the news, feel a need to keep my eye on it, please advise.
+2 Reply
I closed toda also some XAUUSD. I'm waiting for a bounce next week. So you can close some we are 15$ lower than yesterday's close.
No need to ride the whol decline wit hmaximum position. YOu will better if you close some profit in the way down.
+1 Reply
chartwatchers PRO chartwatchers
Regarding FED speakers. I don't think that will affect price too much.
Look at the dollar. For me it's crystal clear that the rate hike is coming in June.
+2 Reply
Renegade7 chartwatchers
I see, it seems that way to me as well. The cat has been let out of the bag so to speak. If these fed guys don't pile on I could see a bounce. Then comes that lady on friday.
+1 Reply
great job Arpi ... i will wait to buy but what the recommended point to buy ?
+2 Reply
sha2labaz sha2labaz
point or area ?
+1 Reply
To go heavily with buy only in July.
If you want to buy the bounce with small position I would say it risky. It can have a big drawdown anytime.
Why dont you sell the bounce from 1240$ if there will be next week.
The panic selling will be beautiful even with a small short position.
+2 Reply
sha2labaz chartwatchers
ok ... i will wait this price next week to sell but with small size as u recommended

thanks man for your support
Reply
sha2labaz chartwatchers
but 1 question please ... why you said buy in july ? just to know
thanks man
Reply
Go heavy in July. I just posetd a short term long idea in gold.
+2 Reply
chartwatchers PRO chartwatchers
Not all in !
+1 Reply
sha2labaz chartwatchers
mmm ok
+1 Reply
isaac312 PRO chartwatchers
I was thinking all in nugt call
Reply
So will DUST and JDST drop significantly while gold bounces up to $1240-45 ??
Reply
Not significantly . But there will be some kind of drop. I think that bulls are waiting for a big bounce in gold , a higher high but after 2 days of weak rally they will realize that something is wrong and try to find the exit sign.
I didn't want to quit today because I thought that the miner bounce will be weaker. Now I say would have been better to quit the miners also...
But the panic selling stage will correct this mistake. We will make a big money by the end of June.
+1 Reply
XTAL.ball chartwatchers
I don't know what to think. JDST dropped 20% after gold rose by $6 today. If gold goes to $1240 should JDST drop significantly? Something like 50% ??
Reply
XTAL.ball XTAL.ball
I can't just hold JDST if I know it's going to drop that much...
Reply
isaac312 PRO XTAL.ball
then dont. close them and eat with options big. It can recover man
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Thanks for sharing your analysis, very good explanation, please keep update us, I'm following !
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Just curious about the volume of DUST and JDST. There seems to be exponentially more interest in these funds in the last month than at any other time in the past few years. What impact could this have on the price of these leveraged funds or are my charts just wrong???
Reply
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