Gold - Hate To Call Bottoms

FX:XAUUSD   Gold Spot / U.S. Dollar
815 7 9
I've been waiting for this Ending Diagonal in Gold             to finish it's final downward leg.
Now it seems we have overshot the lower trendline and rejected back up.

In Elliott rules for ending diagonals we don't have Wave III             as the smallest wave, since wave V is shy of 1 on 1 with Wave III             .

Chances are a new bull market is on the way. It even could be the Final bearish leg from the last crash in 2011. So we might be seeing bullish Gold             for a really long time.

For the time being I've set a buy stop to go long to at least take advantage of the Wolfe wave setup we see here.
For further buy setups, if any, I'll post them later.
This could be it, or maybe it's too obvious.
I like the buy stop idea.
Stop loss is gigantic though.
+1 Reply
DavoodWadi IvanLabrie
We always need huge account balance for trading Gold and Oil buddy.
This one's for the riches :)
IvanLabrie DavoodWadi
We can go long AUDUSD instead.
DavoodWadi IvanLabrie
Wish you luck Ivan
+1 Reply
IvanLabrie DavoodWadi
Same to you ;)
nice analysis Davood I LOVE it
+1 Reply
DavoodWadi manijeh.kazemi.33
My pleasure Manijeh.
Nice to hear from you.
+1 Reply
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