Not only does the gold chart show a text book e-wave third leg, but the market fundamentals support a stronger gold. (over subscribed Repo market, looming rate cut, S&P earning recession on Q3 earnings)
MEGALO1
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@rwoods187, I'm with you all the Woods, my sediments precisely I do not study the Elliot wave theory but you are correct in your analysis of the situation. Megalo :)
zabee
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lets bank this money set your chart tp to 1440
MEGALO1
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NO NO NO xau/usd will RETRACE back up 1530 level before a pull back of 8HR ma equilibrium . One Must step back a few paces before analyzing the big picture??? Bats won't work on prime metals? One other thing, what is working on 4hr time frame will not let you see the forest for trees> MEGALO :)
zabee
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@MEGALO1, haha... only be selling from this point @1503 in my view there is no way to go above 1520 before big drop to 1440, enjoy and sell it... big boys LOL
Mccdaver
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Considering this theory, a stop level of 1527 would be more appropriate to confirm a bullish trend. At that stop level, the trade risk doesn't out weigh the potential profits.