Fxprotrader
Long

Gold@ Wave 3 in Wave 3 Combined With Breakout

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             was moving in descending channel since the beggining of this year with price breaking the resistance of the channel last week. This on its own is a powerfull bullish signal but there is more to add. Counting waves we can see that price is developing wave iii             of five of a larger wave 3. When it comes to elliott wave analysis trading wave 3 in a larger wave 3 is perhaps the most powerful setup. Another factor that adds to our long setup is that price tested the broken resistance, now support which tells us that this isn't a fake breakout. This is clear looking at the 1h chart.

As for stoploss i decided to place it below the last swing point of the breakout. Someone could say that it's too tight so another option would be below the support trendline which hold C, 2, ii waves (dotted line in the chart). As for profit target i aimed the 1.618 of wave 1 where price should test a longer term resistance level .

Like and comment,
John.

Been somewhat of a big-dipper ride, hasn't it !
Any current thoughts you would be willing to share John ? I've run out of wanting to look at it any further for now (...queue inevitable rocket in price tomorrow)

Rgds
Chris
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Check out my new post
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Fieldgate Fxprotrader
just reading, thank you.
+1 Reply
Gold dramatically buses 1160 area at 4.45pm AEDT (Australian Eastern Daylight Saving Time) to 1164.
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BCMel BCMel
Busts 1160 area ...
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Is this a live commentary on gold?
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4.45pm AEDT (Aust. Eastern Daylight Saving Time) gold bursts through 1160 to 1164.
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Very nice analysis John.
Always happy when someone else's (Elliott) views corroborate where one's own head is at.
I'm looking for this iii to pause for breath around the 1180ish level where I have a decent resistance/support level (which also corresponds to a 127.8 extension on my etch-a-sketch) and all being well (hah! this is gold) 4 pullback and then that 161.8.
Price action will soon let us know.

Cheers, Chris
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Thank you for your kind words..
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IvanLabrie PRO Fxprotrader
This discussion has been very enlightening, check this out:
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