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
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1.Shark pattern 's D point at 1280
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1h Butterfly at 1282
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1.618 retracement at 1278
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the Deep Crab in Copper also declaim that this impulse is in an big correction wave now
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Trade active at 1280 SL:1287 TP1:1225 TP2:1192 TP3:1137
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Gold went exactly as we expect ,add one more short position at 1263,SL:1283
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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
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Yan_Lin_Yu
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hehe ,waiting for first target point around 1193 :)
bobwff33
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Hang tough dude!
Yan_Lin_Yu
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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.