bobwff33
Short

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
snapshot
Comment: 1h Butterfly at 1282
snapshot
Comment: 1.618 retracement at 1278
snapshot
Comment: the Deep Crab in Copper also declaim that this impulse is in an big correction wave now
snapshot
Trade active: Trade active at 1280
SL:1287
TP1:1225
TP2:1192
TP3:1137
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
Comment:
snapshot
hehe ,waiting for first target point around 1193 :)
Reply
bobwff33 Yan Lin Yu
Hang tough dude!
Reply
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.
Reply
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