See if you can follow the logic and notice that the downtrend reached it's measured move early in the decline.
The recent rebound in gold has been only up the resistance from "range expansion (Rg Exp )" but it is possible that XAUUSD will retest the mode up at 1290-1305. I also like that gold is above the 3 lowest weekly ranges, and especially that it is above the lowest weekly range (from 1223--1190), not much above though.
Tim 1:55AM EST 10/27/2014
1. Start a trend once there is no new low for 5-bars.
2. Determine which price has the most # of bars at one price (the mode).
3. Draw a line across the mode. Count the # of bars. Label that # at the right of the line.
4. Draw a box around all of the price bars that touch the mode.
5. Copy that box and use it to project up (if the price is above the mode).
6. The price projection or the time projection is your targeted exit - whichever comes first. The trigger to "go with" the trend is when a complete bar is above the "mode" line.
7. Once the current trend is no longer making new highs (or lows), then start a new trend from the high (or low).
8. Donate 10% of your profits to charity.
10/27/2014 5:35PM EST