The market has moved lower after putting in an bearish engulfing
on the daily as my previous idea suggested.
I still like the idea that gold has completed a flat at 1391
and is now moving towards new lows below 1180.
I have two views that I would like to share.
1. BLUE - We are in the 2th leg of wave 3
which is taking the shape of an complex zigzag correction.
A break below 1295 ( the start of wave y) would confirm
that wave y is in place and that we should move lower.
2. RED - we have completed a three legged correction
and are now in a new impulsive move to the upside.
Wave 1 in this move was a leading diagonal.
A break above 1343 would confirm that we have
completed three legs to the downside and should
see new highs.
MY PERSONAL VIEW
I still believe that gold and FX Commodities are going to
make new yearly lows (except for cad?).
I'm short for now against 1343.
You can follow all my demo FX trades at www.myfxbook.com/mem.../tlkemmy/demo/854232
Good luck.
on the daily as my previous idea suggested.
I still like the idea that gold has completed a flat at 1391
and is now moving towards new lows below 1180.
I have two views that I would like to share.
1. BLUE - We are in the 2th leg of wave 3
which is taking the shape of an complex zigzag correction.
A break below 1295 ( the start of wave y) would confirm
that wave y is in place and that we should move lower.
2. RED - we have completed a three legged correction
and are now in a new impulsive move to the upside.
Wave 1 in this move was a leading diagonal.
A break above 1343 would confirm that we have
completed three legs to the downside and should
see new highs.
MY PERSONAL VIEW
I still believe that gold and FX Commodities are going to
make new yearly lows (except for cad?).
I'm short for now against 1343.
You can follow all my demo FX trades at www.myfxbook.com/mem.../tlkemmy/demo/854232
Good luck.
