FX:XAUUSD   Gold Spot / U.S. Dollar
Do we have a weekly triangle that's complete and turning down signalling more downside for gold             or am I forcing one out of the woodwork? If so that's a lot of downside!
Completely opposite of you! good luck....
cfetrader mhctrader
Mhctader, in Piphunters defense, his chart at the time looked as if gold prices would spill over "towards the abyss". One cannot be criticized for an 8 day old forecast, knowing what is happening now. It is like being a "prophet" after the event. At any instant there are always 2 possible trend outcomes, and we all use technical analysis (filtered mostly through our subjectivity) to decipher the direction that has more probability of materializing.
mhctrader cfetrader
I wasn't criticising him. I was saying good luck - may the best man win.
Nice, looks like a market maker's chart. Not very much bullish till April from a cyclical point of view IMHO
Hello everyone. I wish to enter this vivacious discussion to add the following possibility for consideration. Before issuing a final verdict of further decline in the price of gold, let us consider that there are 3 potential patterns still in play (all bullish by the way), 2 three drives and a Wolfe wave.

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piphunters tntsunrise
hello, don't you think with the FED is expected to keep on hiking interest rates, that will keep weighing on gold adding more bearish pressure?
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cfetrader piphunters
Hello Piphunters. How the Fed decisions from now on will affect gold & dollar, that remains a big puzzle, even though both these assets are usually inversely correlated. Nothing surprises me any more, even a possible in tandem movement. As a technical analyst, I try to look at what the patterns (e.g. 3 drives, WW & EW) are telling us. I have just published a long term scenario for gold, which you might find interesting.
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piphunters cfetrader
possible scenario you have there, let's wait and see.
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There is no way you can label your as an impuls. I honestly believe you have broken every rule in EWT there is. For example 3.3 is the shortest wave in 3

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