Quick Take: Gold - Reached Critical Juncture Zone

FX:XAUUSD   Gold / U.S. Dollar
1228 7 32
Gold             has already reached my critical zone where there is a confluence of several factors that make this zone strong resistance and may have ended this correction. I've maintained all along that Gold             is NOT bearish and that there is at least another leg up before a TRUE retrace should occur.

My wave count shows that this correction was a wave (iv) and the next move is an impulsive wave (v) that is due. I also show that of that wave (v), it could be that the wave 1 and 2 have already finished. So that the next wave up is a wave 3. And you KNOW what wave 3's are all about!

Price action has also setup a POTENTIAL Crab .
Comment: I want to provide to you all my ALTERNATE bearish wave count on Gold so that you can decide for yourself what you will do. FOMC is tomorrow and that is the reason for the indecision in Gold at the moment. Personally, I have closed my BUY position in Gold already and will just sit and wait to see what will happen. Both scenarios I have presented are valid but price action at the moment is not favoring either. So...when in doubt, STAY OUT!

thanks for share... i like your elliot stile..... awaiting the next ......blessings
You're welcome. Go to my website and also join my Skype for more.
danbar EverythingForex
Whats you web site?
Everythingforex can you share your harmonic ratios you tend to trade with? ( I mean how big retracement XA,etc.) Searching in internet i find different variations of these retracements,,,
The harmonic ratios I use are all the classic ones that Scott Carney defined in his books on Advanced Harmonic Patterns. I don't make up my own and call them 'harmonic patterns" like some others do. If you want to learn more on harmonic patterns, you can go to my website where I have listed some great reading materials on it under "Resources" (free to access. Just need to be registered).
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