Alright, I haven't posted anything here in a long while as I've spent all my time analyzing and posting charts for my subscribers. But I haven't completely abandoned this community!
So Gold, what has been going on? Just taking a look at the constant swinging back and forth in the past weeks, no one can blame you if you were completely lost and confused and have been bleeding money trying to trade it! But if you knew with high confidence what was happening, then you could be in good profit like we are! But in order to get there, it's not simply good enough to just know half the story, like for example trading by support and resistance! If you tried to trade by S&R, you would've been in loss after loss in trying to trade this!
This is where the synergistic relationship between S&R, harmonic and traditional patterns and most importantly, wave counting can help cut through the confusion and clarify things. Take a look at my Daily Chart. A good sign that things are in a correction is that confusing back and forth that we have seen take place in the past weeks. It is/was clearly a sideways corrective pattern. If you knew it was a sideways corrective pattern, then you would know very clearly where to buy and sell, right? But in the middle of all that, how could you know? Here's what I mean....
Here's prices on back on Feb 26th. Could you say for sure at that point this was going to be a sideways pattern?: Here's prices on March 19th. How about now? Could you tell it was going to be going sideways?: Here it is on April 10th. Now this is starting to look more like a sideways pattern BUT doesn't it also look very much like it is about to break out to the upside?
Now take a look at the same chart as the April 10th chart above but now WITH my analysis with patterns and wave counts:
How does it look to you now? On April 12th, I posted this actual chart analysis to my subscribers in which I was showing that Gold prices were NOT going to break out to the top BUT instead were going to be DROPPING! You can see the date on the chart to confirm that it was posted on April 12th:
Then of course, I waited PATIENTLY for price action to confirm to me that my analysis was correct to then issue a SELL on 4/16. You can see what has happened since I issued that SELL order. We are now over +200 pips in profit and looking for MUCH MORE! This is the power of our analysis at work!
Look for prices to make some kind of pullback soon but then drop again. Of course, no analysis is 100% and will it continue to drop as we are projecting it will? Don't know. But what we do know is that no matter what, our profitable position is protected and we can't lose on this trade! Now isn't that a good feeling to have?