Above chart is high in risk too. In day trading matching tiny waves with major trend is not easy. Here we face a transition point for gold in short term. it may goes up again and create another upward wave too (based on fundamental situation).
Here are two important zones too watch price movements:
Below S2 (~1500) is a hole...
Now note that the horizontal blue line is major trend bullish fibo level 161. The bright dashed line is the third green wave's trend line. Breaking both of them is a sign of more falling price. Gold hasn't fall completely in the hole that I mentioned above.
Also the white dashed line.
One of them is lying...
This is another version of the analysis, based on CF. It's a test and I'm working on this setup...
The green dotted line is monthly GF and the most important S in the chart. Blue line important R.
Lets see what happen...
You see new Setup, ha? :D
This setup is output of a great co-work with a dear friend, most importantly based on my exclusive signal algorithm. If you wanted a signal, feel free to PM me here, the price is very low :D
Anyway, what do we go? last night I though the c point may not be the end of bears, but my Sep projection beat me there and c acted like a mirror :D But does this mean we are going toward green zone? We got some bull signals but based on fundamentals there's not any straight forward signal, not yet. I'm a little on green side based on my algorithm, but in different TFs we have mixed signals. a little to go to be sure what is happening...
See you soon.
Have best trades.
Shortly we will see if it do another jump to the green zone or not. There I see an opportunity for a pullback.
Have best trades.
For almost 20 days price tracked the projected trace.
And as you can see we updated the code. We'll talk about the setup of it soon.
Here is the core of out trade algorithm. It forming something like a S/R setup:
Based on this setup on 1H chart, we see the critical levels for an up or down move and right now price is showing some bull tendency. Bears are below 1461.5-1460.5. this could be the Bulls we waiting after reaching the (c) point in the corrective EW.
A lot of similarity here. High chance of an upward move...