Gold seems like going a corrective down move

FX:XAUUSD   Gold Spot / U.S. Dollar
195 3 8
1.After a 5 waves ending diagnal, gold             break up the down trend line and giving an impulse wave
2.We are waiting a correction down to the bottom of the channel on the daily chart
3.The precise turning point is hard to say ,but there are 3 price level which will be a great pressure on the 4h chart
Comment: 1.Shark pattern 's D point at 1280
Comment: 1h Butterfly at 1282
Comment: 1.618 retracement at 1278
Comment: the Deep Crab in Copper also declaim that this impulse is in an big correction wave now
Trade active: Trade active at 1280
Comment: Gold went exactly as we expect ,add one more short position at 1263,SL:1283
Comment: 1280-1220,already 600 points
Onde again the harmonic analysis shows its power,but i don't mean that other methods are invalid.
Instead,many ways will lead to Rome,right
In this case ,we use the Elliott Wave counting as well,
The chart below shows a Gatterly Pattern this afernoon in Gold's 1h chart.I don't close my short trade because of this harmonic pattern.It'is because a Larger harmonic pattern is still running,and the wave count is not right.
The failure of this Gatterly shows the price is very weak to go any high above 1232
hehe ,waiting for first target point around 1193 :)
bobwff33 Yan Lin Yu
Hang tough dude!
Indeed, different harmonic pattern coincides ,making a strong reversal zone. Looking for first target at around 1190. There is a potential 5-0 pattern ,where the retracement will stop at around 1163 and continue its long term uptrend.
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