WallStScalper
Short

Houston...Gold has a problem The low - is not yet in!!

FX:XAUUSD   Gold Spot / U.S. Dollar
473 7 2
I'm especially looking at the RSI and the AO (often used for Elliott Wave purpose).

Even though 1255.20 seems to be a wave 4 up from 1182.93 low and then a clear 5 waves down to end in a wave 5 at 1131.41 - gold             is not showing positive divergens on the RSI nor the AO.
Therefore - the 1131 can't be the low.

At the same time price has retraced an exactly 61.8 to the penny. At this time moment should have been much higher to bring it further up.

I therefore see a new lower low coming.

Short term neutral
Intermediate term still bearish

Safe trading

@BlawrenceM
Interesting analysis, so are you thinking that it is the 3rd Elliott Wave yet?
Reply
No! The 5 wave down from 1255 could be the 1st wave in the major 5th wave down . The 61.8 retrace we are seeing now might be the wave 2 up... and we'll have a 3rd wave down. But the 2nd wave doesn't have to stop now at 61.8 retrace. 2nd waves can retrace almost the entire 1st wave,. Time will tell. Have a look at my other chart I've linked to "Gold still bearish". Will give you some hint too. Best of trading!
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Durabit WallStScalper
Thanks, now it's ok.
Swiss referendum is the market mover tomorrow, but its result should be no... so we only have to reverse fibonacci retracements and looking at the new wave incoming... :)
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hi, many thanks.
very nice
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You are very welcome
Reply
Hi Thanks for Ur kind comment! Let's see what's coming. This may be of Ur interest about the forthcoming referendum in Schweiz: . I do still see a lower low coming... but let's be gentle around the low around 1130. A dbl bottom could be a possibility too. But do believe that we will still see a lower low. Have a nice weekend! @BLawrenceM
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Target 1090 short term
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