Gorbie
Short

Gold XAUUSD

FX_IDC:XAUUSD   Gold / U.S. Dollar
212 19 11
Short from 1194–1239 area
Comment: Downward to 1200–1218 area, then goes up to 1381

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I shorted at 1258 (after getting stopped 3 times), third time's the charm.
Cheers.
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Gorbie IvanLabrie
Good opportunity for long after retest of breakout.

New setup here...
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Everyone has this strange Pretcherian count lately...haven't you seen it too often?
I think it's not the case, but good luck.
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Gorbie IvanLabrie
I don't know.
If I see 3-7-11 sequence count of correction, I change my position after retest of breakout.
Here the longs with 3 waves at least.

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I don't know either, but I don't agree with this wave count.
Not a problem though, it might work anyway, even if it's something else.
Good luck with the setup.
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Gorbie IvanLabrie
Look at monthly timeframe. Perhaps, price in "6" of correction cycle from September 2011. Anyway price should bounce near cost of production a gold. Correction of big impulsive cycle from August 1999 till September 2011 is ended into $1086–890 area.

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Yeah, maybe that's what's going on.
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Gorbie IvanLabrie
Maybe it's ABC (zig-zag)... But 3 waves up should be before price goes down to $980.

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The small one, and the giant two, and the too steep retracement at completion disagree with neowave rules of logic, to start with.
That's why I disagree with this impulsive decline wave count.
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Gorbie IvanLabrie
Of cause, wave B could goes higher.

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