The market structure is almost completing a price and time symmetry that can run through till 17th October.
With today being 1.202 range expansion on the time axis and price hovering around the 0.236 Fib retracement level of the intermediate range 186pts /188days, the extent of the advance or correction from current level is critical to watch.
On the minor range,...
As illustrated on the chart, the assumed wave 2 decline from 16.18677 to 14.28811, a total of 1.89866 points difference.
16.18677 - 14.28811 = 1.89866
The current high was made at 19.6344
First TP was a 1 : 1 alternation which has already occurred.
19.63644 - 1.89866 = 17.73778 ( already occurred)
Next TP projection is a 1.618 Extension of the wave alternation...
A possible trend shift might start to unfold from 1st OCTOBER.
A break of the upper band resistance line will confirm a new wave up with target in the 83.64 - 84.07 zone.
The current wave pattern favors an upside break
Alternatively, a break of the lower band will mean a 1 : 1 correction is still in progress.
DON'T get caught up.
Start watching for a minor reversal formation from 3rd October
Gold is making multiple hits in the 1482 - 1484 zone.
A break of this zone might expose the 1476, 1451 and a possible extension to the 1426 levels
The first target is a 38.2 retracement to the 1476 zone which is also a 1:1 wave alternation.
Target 2 is the 50% mean reversion of the 3rd wave advance...
Buy for the 5th wave up after the completion of the ABC swing.
We can also trade the ABC swing typically for a 1:1 projection.
Best entry level(Buy) : 2.455 - 2.485 zone
TP : 3.06 zone ( compare with quotes on your broker platform)
By counting off waves and using ratio projections we can also appropriately draw the triangle as shown in the chart.
Trade cautiously in the week ahead.
Levels to watch for a bearish breakdown: 1511
The wave structure is showing a set-up for a C-wave down.
The correction pattern has just completed a ( 3 - 3 - X - 5 ) Flat B- wave correction pattern.
The 1 : 1( 80:80) ABC projection of the C-wave ends in the 1472 - 1476 zone
1.272 Extended C- wave projection is in the 1445 - 1451 zone.
The current Risk aversion and safe haven demand are the only market...
As seen on the chart, price has been running 50% corrections of the ranges and currently the 50 : 50 balance expected
at 1503 is completed.
Two scenarios to expect :
Price advanced 155.87 points and corrected 50% between bulls and bears, declining 78.39 points.
Price then expanded in ratios of 0.667 advance and 0.333 correction of 155.87.
Wave 1 completed in 6 days,
Wave 1 of 3 also completed in 6 days,
The pattern shows that we have an internal time of 6 days to work ratios forward.
The next 6 * 1.0 ratio projects to 27th August
Currently price can decline further to around 59.1 or the advance can start from here given that the ABC is already completed.
This is not a day trade,...
The entire wave 1(Primary wave 1) expanded 5.54 points.
Minor wave 1 of 1 expanded 2.12 points
2.12 * 2.618 = 5.54 points
Also: 2.12 / 5.54 = 0.382
That means wave 1 is 0.382% of the entire Primary wave 1
Since wave 1 of 1 and wave 1 of 3 have price relationship, we can project these ratios for the next Primary wave 3.
Price has just completed wave 1 of the primary degree wave 3.
The ABC correction wave 2 is also completed although it is possible for price to decline a bit further.
Wave 1 of the primary degree wave 1 expanded 2.12 points.
Also wave 1 of the primary degree wave 3 expanded 3.77 points.
2.12 * 1.786 = 3.78 points ( shows that wave 1 of 3 is...
Price has completed a 5-wave Elliot's wave and currently in ABC correction zone.
Also the wave pattern is in the process of forming a super bullish 5- wave Elliot's wave hat projects to the 70 handle.
Please check next post for further clarification.
Comments, suggestions and additions are highly welcome.
Price has just broken through the upper band of the channel. A minor pull back may occur but if price ascends considerably,
buy for the double top at 63.
Caution: Always use the quotes on your broker platform
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.