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Gannvan
Sep 2, 2014 7:27 AM

XAUUSD - pivotal moment. Long

Gold/U.S. DollarFXCM

Description

Gold has re-tested the B-D trendline. A daily candlestick close below B-D Trendline will confirm that the E wave of triangle completed at the 1345 high and a 5 wave downwards movement has commenced. Downwards movement out of triangle started rather slowly, not typical when exiting a triangle, suggesting that we are still in the final E wave and have just completed a 2nd wave correction.

If B-D trendline holds, price should find sharp upwards 3rd wave momentum.

Therefore sentiment: Bullish. For now.
Comments
Iskandarglenn
And if "B" is infact "A" then 5 complete.
Gannvan
We will wait to see if it puts a daily candle stick below the B-D Trendline. It may decide to 'kiss' the trendline and continue lower.
Gannvan
SMASH!
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