Still believe we have to Test the "Bullish Trendline". This appears to be happening right now. This would be a good thing for the "Bulls" as long as it doesn't get to extreme (Just a quick test with weakness followed by a strong move up). Appears to me we are in a WXY for a Wave "2". Many similarities between the "W" and the "Y". Currently looking at a "C" wave...
Hello Traders, Am currently looking at 2 "Key Levels" before Gold can progress upwards. The key issue is we need to test the "Bullish trendline" (Cayan). There is 2 ways to do that. "Option #1": We ride the "Bearish trendline" down to the 1249.00 area. Option #2: We do a faster, quicker move down to the 1226.00 area. Right now I am leaning towards "Option #1". Good Luck.
In my last analysis the Trendline was broken. Therefore the big move up is not going to happen. (At least not right away) Still believe Gold is Bullish. Are currently in a "ABC" expanded flat correction. Looking for the "C" wave to end at the 1229.00 area. After that Bullish.
Hello Traders, I see it being "Bullish". With geo-political issues this might not be "such a good thing". On a more "optimistic side" I believe if this is bullish it is just a Correction. Would end roughly in October with Gold crashing to the Downside. For now it appears each "Wave 1" up has been a "Leading diagonal". In Elliot Wave if "Wave 1" is a leading...
Still appears to be quite "Bullish". We now have a daily bar that is finding support on the long term Bearish trendline. Believe the minor Wave 2 is complete and we are about to begin Wave 3 of 3 (Of Wave "3") My first short term target is the 1352xx area.
It appears to me we have much more to the upside. Currently correcting for a minor Wave "2". Expecting a shallow retracement (23.6%) The 1 wave impulse is already complete but already the correction is going above it (Very Bullish). All the other Wave "2's" were very shallow with a strong "B" wave and a weak "C" wave. Looking at the 1350 area for Wave "3". Much...
Looking for a Correction now for a Minor Wave "2". Believe this will be a shallow retracement at the 1266.90 area. For this Bullish movement to progress forward the Cayan trendline can not be touched. If this analysis is correct more to the Upside. Because we had a Running correction for Wave 2 this next impulse Wave should really move fast.
Believe we are finally in our Minor "C" wave down to end this correction for Wave "2". The sweet spot is the 1233.00 area. For this count to work the "Bullish trendline" must not be touched (what so ever). If this Count is correct we will be starting Wave "3" of Wave "3" (Much more to the Upside) Believe this Minor Wave "2" will test the blue dotted trendline one more time
Currently believe we are in a Wave "C" down to complete a Wave "2". This "C" wave has completed wave 1 and is now correcting. Appears to be an expanded flat with the "c" wave sub-dividing (wave 2). Looks like a test to the minor wave "4's" and then a strong move down. Will make a nice Head & Shoulders.
In the Longer term on this chart believe we are forming an ABC flat correction (3-3-5). At the shorter term analysis we are currently in a double zig-zag for the "B" wave which is incomplete. Looking for weakness at the 1253.00 area before we progress downwards. Good shorting oppurtunity. Target is at the 1234.00 area.
Currently believe we are correcting downwards now. (A larger Wave "2") before we proceed upwards. Looking at the 1236.00 price for this to end. Will probably be a bumpy road down. Meanwhile looks like a good shorting oppurtinty to 1248.00 area. An ABC where AB=CD.