My last post on Gold, I posted this chart: With that update, I also said "Gold is still heading down in a wave (iii). So DON'T try to BUY yet! And yes, it is TOO LATE to try to SELL and get in on the downtrend because this wave (iii) may be coming to an end soon. By my wave count, it should retrace back up soon in a corrective wave (iv). After that is done, I will be looking to trade the wave (v) back down. "
I then followed it up with this chart update: With that update, I said "if you look at my last update, you will see that Gold had moved EXACTLY as I said it would. EXACTLY. When it hit that MAJOR SR Structure on my chart and gave a BUY signal, I told my members to go ahead and BUY and we did at 1310.79. And as of now, we are up +146 pips on this move. Did you all follow my chart?"
But now that prices have moved as strongly as they did AND beyond my TP point, it has invalidated my original wave count and forced me to reassess it. Of course, I'm not mad because the more it keeps moving, the more me and my members are making off this trade! If you had joined us, you would be too! So now, I have readjusted my wave count to account for this move up. And what you may notice is that in order to accommodate this move, I have had to mark the previous move down as a wave 1 and this move back up as a wave 2. Which means that when this move up finishes, the next move COULD be a wave 3 down! I say COULD be because...here is my ALT Bullish wave count that MUST be considered!
If this ALT BULLISH wave count is correct, hey, my members and I are already in on the ground floor of a HUGE, HUGE move! You could've been also had you been a member!
So take BOTH my wave counts into consideration before you decide to do anything.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
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Am I missing something in your labels? I assume I am, because I am in full agreement with the bearish medium term and bullish long term, but I notice there are red (I think they are red, I am color blind) capital letters marking waves A and B in the correction post-BREXIT-bump, and I don't see the red capital C. This exact issue has confounded my counts a bit, making me think we will see another sideways correction before we sink again. I was trying to work out the counts using this last rush up as wave 2 for a wave 3 to follow, but the issue of the requisite A-B-C correction has me tempted to label the triangle and the last downward impulse as wave C. But this doesn't strike me as correct, because the triangle ought to be the wave C. If we were to skip labeling each wave of the triangle and instead simply treat it as wave C. In this case, we would have to label the termination point of wave C at the location where you have a red ii labeled and a blue (ii) labeled. Is this still acceptable per Elliot Wave theory? Thank you in advance, I aspire to have the success you have and learn quite a bit from your posts.
michael.j.macauley
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Ahh, yes, I was missing something. Nevermind, I think I have answered my own question.
PooyaSalehipour
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what about now?
EverythingForex
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Gold is making a pullback as expected it would. There is yet another push higher coming for another leg up to complete this impulsive move. Wait for it. After it is done then can we look to SELL. Those that are jumping in now to SELL? Watch out. You may get burned! For my members and I, we can't lose. Our LONG trade stops have been moved already to our original TP at 1334.40 for a GUARANTEED profit of +236 pips (+944 pips actual). Wouldn't you like to be in that position! YOu can! You know what to do. And when Gold does put in a GOOD sell, they'll get the signal. If you want it, one way to get it. I do have to warn you! BE CAREFUL going SHORT! I still cannot dismiss the BULLISH scenario I posted in the last update. This things can very well just keep going UP!
gfknn5
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Thank you very much for perfect advice on time!!!
pmcllc
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it could hit 1250-1270...
vika111
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i WILL SELL 1350 TARGET 1250
EverythingForex
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I would STRONGLY advise AGAINST selling at any specified price target! You'll get burned! WAIT FOR PRICE ACTION to tell you to sell.
vika111
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i will wait ..thank u
vika111
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Alternatively, a downbeat NFP figure and higher than forecast print of Unemployment rate could trigger the bullion's quick rise to $1317 and $1330 nearby resistance, which if broken enables it to confront with short-term descending TL of $1343. Given the yellow metal manage to surpass $1343 on a daily closing basis, it becomes capable enough to flash $1358, $1365 and the July highs of $1375 on the chart.