finitemonk
Long

Wave Count/ Soon Long

FX:XAUUSD   Gold/U.S. Dollar
314 3 2
1149.65 is 1.618 of wave (i).
I think something is up with the dollar within hours/days to significant weakening. Oil             also seems to be equally nearing a wave end/major turn.
I also think there is a possibility this is not part of wave 5, but that it is.
(Revised my previous outlook on the EURUSD             , which kinda leads to same conclusion also - the RSI on the weekly, in September, went too low for it to go that much lower (seems to be doing as I thought)).
Looking for bottom confirmation.
elp
2 years ago
Sometimes in gold, wave 5 can be the longest and strongest wave. Usually do not use indicators for trend direction. FWIW, Chris Moodys vix-fix & Ultimate MA MTF settings 5-8 have kept me on the right track as per trend changes. When the vix-fix paints back to grey and the Ultimate MA MTF paints back to green, has shown safer longs. For shorts when its all painting red, look for shorts. I am not catching the exact top or bottom but the middle is fine for me.
snapshot
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finitemonk PRO elp
2 years ago
Yes, a bit lower still, I think ... Looking for bottom ;) (I meant the larger wave 5 btw, as now in (v) of 5)
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elp finitemonk
2 years ago
1086 is the hwb from 1999 lows to 2011 highs for xauusd. Would consider counter trend longs down there or at least a reaction???
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