Hi to my followers, please feel free to reach out / comment and brainstorm.
Yellow Prediction: Preferred scenario would be the major depreciation to complete the 5-wave structure. The other possibility is the fall to $1,220 which would also be the end of the Wave 2, with a longer term wave 3 to follow.
Teal Prediction: Gold continuing to appreciate, breaking the Elliott wave rules and finding resistance at $1,300
The risk: Understand that we are going against the trend here. Bounce and trend reversal trading can always be the riskiest sort of trading. Wait for trend line crosses or other execution methods to help you make the decision to sell.
RSI: Weekly - Overbought for a third time since January. Doesn’t mean it will turn just yet as this is momentum!
Stochastic: Over 80, wait for cross.
Wave Count: If wave 4 crosses into the peak of wave 1, we know what fails EW principals. Due to this and a cluster with numerous Fibonacci extensions and retracements, I have set the EXTREME zone for sells.
This 4th wave is quite extreme in time factor. This suggests it may not be a wave 4, and possibly the end of a Wave 1 with a wave 2 correction to now follow.
Pattern: Weekly 3-3-5 Regular Flat
Fibonacci Retracement: Approaching 61.8% of the downtrend range between the beginning of wave 1 – wave 3.
Fibonacci Extension: 100% Extension of the A – B (Pink) of the 4th wave.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
Yellow Prediction: Preferred scenario would be the major depreciation to complete the 5-wave structure. The other possibility is the fall to $1,220 which would also be the end of the Wave 2, with a longer term wave 3 to follow.
Teal Prediction: Gold continuing to appreciate, breaking the Elliott wave rules and finding resistance at $1,300
The risk: Understand that we are going against the trend here. Bounce and trend reversal trading can always be the riskiest sort of trading. Wait for trend line crosses or other execution methods to help you make the decision to sell.
RSI: Weekly - Overbought for a third time since January. Doesn’t mean it will turn just yet as this is momentum!
Stochastic: Over 80, wait for cross.
Wave Count: If wave 4 crosses into the peak of wave 1, we know what fails EW principals. Due to this and a cluster with numerous Fibonacci extensions and retracements, I have set the EXTREME zone for sells.
This 4th wave is quite extreme in time factor. This suggests it may not be a wave 4, and possibly the end of a Wave 1 with a wave 2 correction to now follow.
Pattern: Weekly 3-3-5 Regular Flat
Fibonacci Retracement: Approaching 61.8% of the downtrend range between the beginning of wave 1 – wave 3.
Fibonacci Extension: 100% Extension of the A – B (Pink) of the 4th wave.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
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The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.
Twitter: twitter.com/TradersMission
The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.