Price may see a decline from the current high alternating the decline from 1346 - 1266.
Best entry zone and TP's are on the chart
Always compare quotes with the one on your broker platform, use tight stop loss as per your trading plan.
Price has been trading between the two channels.
Currently, price has touched the upper band of the ascending channel at 1533 which also coincides with a major resistance zone.
Given that time axis is also in the range of 0.886 ratio of the overall time for the primary bear market range, we except a reversal
to occur in the near term.
In the event that the...
Firstly we will try to use Elliot's wave principle to project the 4th wave top.
As per the rule, the wave 4 price should not overlap the price range of wave 2 except if wave 4 pattern is a diagonal triangle.
The lowest price of the last candle of wave 1 which is also the origin of wave 2 is 1533.
But if we are using the close of the candle, then we have 1566...
Price action has unfolded with specific price and time ranges from the low 1046.
From observation the time axis has an internal time of 609 days working ranges with price.
To make it simple, projecting ratios of the internal time 609 forward from the immediate low 1160 on 16th August 2018,
609 * 0.5 = 305 days
305 days from the low on 16th August 2018 projects...
Price is currently moving towards the TP-2 zone at the 17.71 handle. At TP -2 price may fall back a bit or possible retest the 17.3 zone.
We can book part profit at TP-2 and wait for the pull back to enter again for TP-3.
TP - 2 = 17.71
TP - 3 = 18.08
Please, always compare the quotes here with the one from your broker platform as figures are sometimes different...
From now we will have to monitor the price action.
Times to watch against price are:
26th - 29th August
19th to 25th September (Minor)
Remember, everything happens with time... and when time is up, trend will change.
I will update this trade at every swing. This might be a long term trade as we have our entry from June and still running.
Currently, price has broken out of both channels and we expect a pull back in the near term around the 16.65 zone.
If this zone is broken then we expect the lift to occur around the 15.70 handle.
Also, the range breakout has already retraced 0.618 of the advance and currently forming an alternate wave pattern
which projects to the 16.65 zone.
For the current ABC...
As seen on the chart, the Primary, Intermediate and minor degree corrections all project at the 18.16 zone
Currently we would have to wait for a pull back towards the 16.65 zone to enter any new long trades.
Also, the 7th August time axis has acted and the 0.618 retracement of the recent range breakout has completed.
Please check the next post for the lower time...
As a birthday gift I will give one entry from my private trade.
I will explain the set-up in 3 different post to make it clearer.
Silver is currently in the 4th ABC correction zone.
As seen on the chart, we expect a 0.618 retracement of the previous decline projecting at the 18.05 - 18.16 level.
Projecting an ABC correction from the low, the 1.618 extension...
As seen on the chart Gold completed 186 points advance from 1160 to 1346 in 188 days.
Repeating the pattern, if we see price reaching 1532 in 188 days ending 27th - 31st AUGUST, we would have a perfect
price and time squaring geometry that would signal the end of the bull run for the 4th wave.
We have done many explanations and illustrations on this in previous...
As we have taken out almost all the levels we discussed before, the topping of the 4th wave is almost in completion.
From now we must be watching for heavy reversal signals from 27th August
The 4th wave has now taken out 0.618 of the previous decline (wave 3)
ABC correction from 1160 has also completed a 1.272 extension.
In the even that we might have an...
The other scenario is that if the 50 handle is broken, we would have a second sell entry with TP AT 39 zone.
Wait for entry signal and confirmation patterns to reduce risk.
Updates will be posted accordingly
For an update of the previous sell entry, we would still maintain our TP AT 55.8
We would also monitor close to the TP zone to confirm a bullish signal to complete the ABCD pattern at
the 81 zone.
A break of the 50 handle will invalidate the buy entry which might push price further down towards 42 and then 33 area.
Wait for entry for TRADE 2
Entry 1: SELL @ 61.3...
This is a further illustration of the first post.
Buy at the entry zone and use tight stop loss as the bearish pattern is still not completed.
The buy entry zone is a major support line that can push price up for a correction phase
before the bearish trend resumes.
The bearish trend has not completed yet but it is possible to have a minor correction in the near term.
I have not included the entry quote because the prices are different on different platforms.
Buy zone and TP are indicated on the chart.
Caution: Limit buy entries as the primary trend is still bearish. Buy only if we have a valid reversal signal at the entry zone.