olajide11

PERFECT BULLISH GARTLEY AT 1450

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
1
Harmonic:
Gartley was released that the specific retracements of the B point at a .618 and the D point at a .786 were assigned to the pattern. There are others who have assigned Fibonacci retracements to this framework. However, they use a variety of Fibonacci numbers at the B and D points. Despite these variations, the Fibonacci retracements that yield the most reliable reversals are the .618 at the B point and the .786 at the D point. Furthermore, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 0.786 XA retracement and the BC projection (either 1.27 or 1.618). The most critical aspect of the Gartley is the B point retracement, which must be at a 0.618 of the XA leg.
lucas:
based on Lucas series On the 22nd April is a reversal date for gold . 199 days of this trend with 28 bars mostly the bar is +/-1 according to Lucas series it should be 29 bars.

Fibonacci:
More so 0.382 Fibonacci retarcement in play @1451 level.

Elliot:
According to wave theory gold may end wave 4. @1451 level

Trend:
Gold was expected to turn around at 200ema based on previous reaction to this trend.

Pattern Formation:
Gold is forming flag formation which is characterized by continuation pattern.

Support and Resistant.
@ 1450 Gold may react to 2010/2011 resistant which may likely turn to support for gold .

Indicators:
RSI is extended on weekly presently @ 28% Over sold.
MACD HISTOGRAM is giving divergence on weekly.

ALL PUT TOGETHER TECHNICALLY GOLD MAY REVERSE AND CONTINUE ITS IMPULSE MOVE @ 14XX LEVEL.
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