That means we probably have room to $1190 if not higher based on the longer term count from 2 months ago.
Wave Count - Suggests at least 1 more 5 wave sequence higher
Wave Measurements - A move above $1200 builds the case we are in wave iii . Traders can add to their position at that point.
Sentiment - SSI is showing +1.35 which is fairly tame. We saw in late August the SSI reading turn negative and I would anticipate a similar outcome if this move develops.
Bottom line, we're anticipating a wave iii move towards $1245 while $1090 holds.
Also, based on our other views on EURUSD and GBPUSD , buying Gold while selling EUR or selling GBP (essentially long Gold/EUR or long Gold/GBP) may be a paired trade to consider as well.
The key is catching the move early in wave 3, then you can add to with smaller positions on a break above equality. At that point, the stop loss gets moved to above the wave 1 high.
It sounds like a lot of moving parts, but we are using tendencies to our advantage. Due to the many moving parts, if it still doesn't make sense, keep asking.
To your other question, a break above 1169 is a symptom of wave 3, but price could move to about 1190 and the whole move would be corrective and not an impulsive wave 3. So its not out of the woods until a sustained move above 1200.
Nice work on floating a profit thus far!
On a similar note, as you know, we've been on the trail of EURUSD and GBPUSD possibly being in a wave 3 as well.
Their equivalent equality measures are 1.0830 on EURUSD and GBPUSD near 1.5000. That is why I've noted those price levels in those posts. GBPUSD is the REALLY interesting one because of the red circle wave 'i' in July...it implies a much deeper sell off.
In fact, I think it will turn up, probably completing this corrective move by the end of the year.
As for GBPUSD; I had a short idea, it's possible it was a wave 1-2, the selloff we had is nice and very sharp but I'm not sure of the structure, can be many things and still not be a trending impulse.
One thing, I don't trade using EW, nor use traditional EWI school, but Neowave (Glenn Neely's take), so my labeling is different.
Below, I have shared an image of a 5 wave move that is not an impulse because wave 3 is the shortest. That was the GBPUSD back in March 2015. During the US Opening Bell webinars, we discussed how that move suggested new highs were coming because it was corrective and NOT impulsive.