Long @ green line for the last impulse wave 5 of 3 up before we go for a bigger correction.
If 50 holds, then we should be due for an impulse C wave up targeting min $1274. This also shows a bull flag in the making.
We are currently doing the wave 5 of 3 in this recent drop. NOT time to long yet though. According to my wave count, we will go for a retrace for blue (iv) , then one last leg down to sub $50 before we long for the BIG retracement (4) on H4. Good to short @ lines indicated or when we finish ABC ( 3 waves up) Will update TP once blue (iv) is done.
After yesterday's drop, gold is heading down to finish this full cycle.
Triangles are usually THE FINAL wave in a correction, in this case the triple combo. We can spot a triple combination correction on H4, being horizontal in nature. Can't wait for the breakout to the up side for this to come! Good to buy dips @1310 and hold on to the end of this gold train!
NO Macd divergence. We should have just finished wave 3 of C leg completely. Wait for pullback to fib levels in green and short for the last leg.
Looks like the C leg of correction is still not done for Gold, Wait for pull back of 0.5-0.618 and short for TP 1320.
Since wave A has 3 distinct waves, it should be part of a 3-3-5 pattern Flat correction. Min target for short @ 1331.19 ( same length as wave A) Then we can prepare to long for the megawatt rally!
GOLD has just finished 5 leg up on H1, now due for a C leg of an ABC correction. 5 waves down on H1 targeting green lines of Fib levels retracement. And we should be ready for the big leg up targeting 1366-1400 levels.
Plan your trade and trade your plan. With only 15% chance of a rate hike tomorrow, this would propel our gold forward for wave 3 of 5 on H4.
As usual wave 2 of gold likes to do a retracement of .886 and a bullish engulfing on H1. Longed @ 1315 Going to hold this through super Wednesday for least a week. TP (1.618 of wave 1( 1302-1353)) : 1383
Identifying the sub waves in this 4 has been challenging. 5 waves down can be counted for C and price has hit low of 1330 which is near 0.618 level of 1329. Good to take long at this level targeting wave 5 top of channel at 1368.
TP at 1355. Then short from green line for wave 4 of 3. Targets are lines in red or when it's done with ABC.
Correction of wave 4 has finally ended at 1302. We are now at wave 4 of 1 on 15mins. My first TP for wave 1 @ 1322. Good to long at 1310 after completing C on 5 mins.
1310 was breached earlier. It goes to show we are still at wave 4 on H4. Closed my longs @ 1315 and shorted for the final last leg. 5 more wave down on 15mins and we should be done. TP 1298-1300
Wave c should have 5 waves and completed at 1315. My ab=cd should be drawn from start of wave A instead. We should be at the start of wave 5-3 on H4 now. TP still stands @ 1375-1380. Will update as wave progresses so we can get a more accurate TP.
Now that the triangle has broken, bigger picture seems clearer. We are still finishing a flat correction of wave 5-2 on H4 chart. C usually ends around 1.236 of wave A. Blue lines measured AB=CD also points to 1320 level. Watch out for price action at blue line , good to take longs 1321/1322 with SL below 1320, TP 1375-1380 ( end of wave 5-3 on H4, also 1.618...
Longed from blue line. First TP 1373.