Actually, its depend on how our point of view.
Gold has been struggling to survive for more than a year and I think everyone focuses on symmetrical formations that have been formed and I think all also know that the breakout may occur in any direction, upward or downward although in general have a tendency to continue the prevailing price trend.
I do not quite understand about elliot wave but I try to labeling the subwave of abc in symmetrical above with my approach, where price movements are likely to end the symmetrical triangle. it's because I look at on the Weekly Time Frame, there is a stand-alone impulse wave, that is between $1,240 Low - $1,345 High (a) and then prices moving retrace to 50% (around $1,292) to 60% (around $1,280) to form a subwave (b) and it was done on July 31, 2014.
From a subwave (b) @ $1,280 then the price moves up to build a subwave (c) and seems to have failed to pass above level $1,345 at level $1,322 which have tendency to form a Double Top and then the price falls below $1,280 and recorded Low @ $1,260. In my mind after this, at least the price movement will form 3 subwaves correction again to move down.
On my previous analysis by the title of "Does The Death Cross Will Come Faster," I declare that the Golden Cross looks like sitting at the zero point, now let's see the price of the monthly closing basis since the Golden Cross in March 2014, all can be covered under the monthly closing basis (March, Apr, May, Jul and Aug 2014), except in June 2014.
At least this is what I can see from the chart and waiting for what will happen this day and tomorrow.
From The Desk Of Newbie
Gold has been struggling to survive for more than a year and I think everyone focuses on symmetrical formations that have been formed and I think all also know that the breakout may occur in any direction, upward or downward although in general have a tendency to continue the prevailing price trend.
I do not quite understand about elliot wave but I try to labeling the subwave of abc in symmetrical above with my approach, where price movements are likely to end the symmetrical triangle. it's because I look at on the Weekly Time Frame, there is a stand-alone impulse wave, that is between $1,240 Low - $1,345 High (a) and then prices moving retrace to 50% (around $1,292) to 60% (around $1,280) to form a subwave (b) and it was done on July 31, 2014.
From a subwave (b) @ $1,280 then the price moves up to build a subwave (c) and seems to have failed to pass above level $1,345 at level $1,322 which have tendency to form a Double Top and then the price falls below $1,280 and recorded Low @ $1,260. In my mind after this, at least the price movement will form 3 subwaves correction again to move down.
On my previous analysis by the title of "Does The Death Cross Will Come Faster," I declare that the Golden Cross looks like sitting at the zero point, now let's see the price of the monthly closing basis since the Golden Cross in March 2014, all can be covered under the monthly closing basis (March, Apr, May, Jul and Aug 2014), except in June 2014.
At least this is what I can see from the chart and waiting for what will happen this day and tomorrow.
From The Desk Of Newbie
