Gold: All That Glitters Is....Patterns? Here's What You Missed

FX:XAUUSD   Gold Spot / U.S. Dollar
779 10 16
Pattern Power! That's all can say! If you doubt how well they work, then just look at the above chart. These were't plotted after the fact, folks! I've been tracking these patterns as they happen. But they are all telling the story of the bigger picture, if you know what the chart is telling you as well. Here's what you missed:

Completed Butterfly (light purple): Dropped over +550 pips after
Completed Crab (biege): Dropped +360 pips after
Complete Bat (dark purple) + Completed Crab (green): currently has dropped over +360 pips

Gold             has been on quite run for a long while. But recently, it's been under fire by both bears and bulls. Well, we all know what that means...consolidation! And that is what Gold             has been doing for the past weeks. Since it's pretty obvious that it had been on a strong trend prior, then this consolidation must retrace that trend. Being that I see that previous trend as being a completed wave (3), then this consolidation is the wave (4).

There's more to come folks! And the chart has already spoken! All you need to do is listen!

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I worked with one of the best traders featured in the New Market Wizards book, cant mention the name, all i can tell you all this crabs and butterflies and most traditional technical analysis is mumbo jumbo. I use technical analysis that is completely proprietary , Gold , Silver , Platinum and Palladium all bottomed , this is just a pull back before the trend resumes . The recent drop had to do with the USD holding a major support and rallying from there , a temporary move .
EverythingForex JuliaEmilyHanania
thanks for your opinion but the charts and the patterns strongly disagree with you as the chart shows. Don't care if you worked with Warren Buffet himself, you're not impressing anyone here. Who the hell cares who you worked with? All anyone cares is if it makes them money. And I can tell you, it makes me plenty! I'll keep using this "mumbo jumbo" to great profits. You can do you. Don't know what is even the reason you decided to make such a useless comment. Not constructive at all. Prove yourself and your way of trading by posting charts and dare to let people criticize you when you are wrong. I do.
+3 Reply
JuliaEmilyHanania EverythingForex
I just posted my opinion, but since you responded in a defensive nasty way, here is what I have to say. You are just a promoter trying to sell a paid subscription service to newbies, those who can trade make enough money trading, and losers make money of vulnerable victims. I do not care about Warren Buffet, he was never a trader , he is a buy and hold forever manager . To make it easy for you and end this conversation, post your trading statements showing your profits since 1998 as you proclaim when you started trading and ill post my statements. I stated that the down trend in all 4 precious metals was over and the bottom was in, get back to me by the end of the year.
EverythingForex JuliaEmilyHanania
You are what we call a TROLL! Post a statement? Who are you to ask to for anything? You have not even posted one chart on this forum and you want a statement??? Sheesh! Why don't you just do some actual homework and check my history here instead of being some lazy-ass troll who just wants to put others down? Comments are for CONSTRUCTIVE and HELPFUL replies. Not some useless criticism of someone else's method of trading. You think your way of trading is best? Why don't YOU prove YOURSELF by posting charts? Or are you too scared that some troll like yourself might come along and post some stupid crap like you posted about your method of trading? Check the ToC of this site. You have violated it. I've already alerted the site monitors about you. It is people like you who cause actual contributors like me to not want to post. I don't have the time nor the inclination to deal with naysayers like you. Go away and actually do something helpful, troll.
Pretty much what I have as an Elliott wave count. I do have a question about the pattern that I guess is a crab. The purple one. How do you determine that it starts on the lower high? Thanks
EverythingForex peterdcharlebois
The purple crab? Both crabs are either beige or green. So I'm not sure which one to comment on. Are you referring to the butterfly or the bat? Both of which are purplish color?
AhmadFarhan EverythingForex
how do u know a gartly will fail and eventually form a butterfly before turning?
A butterfly pattern has a midpoint of .786 min whereas a Gartley is .618 -.785 min/max. You can't call any pattern a actual pattern until you have all 5 points: XABCD. So if you have identified a Gartley pattern and you have its midpoint identified correctly, then it can't be a butterfly since butterfly's must have a min. midpoint of .786. Since you say you have already identified it as a Gartley, then I must assume you found it's midpoint to suit a Gartley.

Now. if the Gartley fails (meaning prices have exceeded the X point of your Gartley) then it is possible that you can now extend the D point to a Crab pattern though. Not a butterfly. This is, of course, all dependent on the fact that you have identified all the points correctly.

Hope that helps.
peterdcharlebois EverythingForex
Its the purple one on the right ..Ending at B wave. Must be the bat. (I don't know my bats from my crabs)
EverythingForex peterdcharlebois
ok. It's a bat. not a crab. and like I said in my previous reply, Bats have a midpoint below .786 so it cannot be a butterfly. Butterfly must have a midpoint at minimum .786 retrace of the XA leg.
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