This is an early technical analysis on gold. Please note that I did not get bear confirmation yet. However I see trend getting weaking near resistance zones. Probably time for liquidity hunt before resume trend. Very quite week in financial calendar which must favors bears. Of course expect a bullish close in Monthly. Let me explain the method I used to fine targets
This chart showcasing following indicators
Analytical Method Elliot wave Simple Rules
The conclusion : I am shorting gold next week from the zone around 1930-44 target 1907 or deeper.
This chart showcasing following indicators
- Fib extension
- Fib retracement
- Stochastic
- Moving averages (hidden)
Analytical Method Elliot wave Simple Rules
- Wave 1, is very steep having an impulse text book count
- Wave 2, is zig zag irregular correction
- Wave 3, is an extensive wave with a combination of Elliot wave pattern. Which is very complex and shoot out of compression. This wave expected to finish between 1.273 -1.618 extension.
- Wave 4, Here is the argument rise which has to be a triangle or deeper zigzag. I didnot find that yet for best fit
- wave 5, No comment (Controversial called for argument) :) Found a harmonic bearish butterfly in hourly chart which is typical structure of wave 5 in Elliot wave
The conclusion : I am shorting gold next week from the zone around 1930-44 target 1907 or deeper.
Trade active:
Here we go..
1. Set the trade.
2. Scalped in between
3. Taking a Swing trade
1st target 1925
Here we go..
1. Set the trade.
2. Scalped in between
3. Taking a Swing trade
1st target 1925