$GOLD Hit Low Target; Turn To BullishTargets | $XAU $XAG #forex
Traders,
In our last technical commentary, we discussed about a completion of a Bullish Wolfe Wave acting as a springboard to a potential rally (see discussions and additioanl charts here: www.tradingview.com/v/HJ5t8w6p/).
What was confounding to this potential rally was the absence of two discreet, but technically crucial events:
1 - Internal Elliott Wave count that demanded a 5th wave impulsive move
and
2 - A predictive/forecasting model that remained unanswered via a narrow target range (1255.16 to 1255.73) defined on SEP 5th.
Combining both the elements of a missing Elliott Wave segment and that of a pending predictive/forecast were two strong reasons to hold any bullish aspiration.
Now that these events have completed, other targets generated by the same predictive/forecasting model are offering themselves to a potential rallying, IF it were to happen. I say this cautiously because all is not well with gold, and only a technical ground is used here to carry this bullish outlook to concrete heights.
OVERALL:
Lower targets are complete. I caution the trader to target his/her own overhead targets with a tight SL, and pace any advance based on 0.214, 0.382, 0.500. 0.618, 0.786, and 0.886 Fibonacci retracement levels.
Independent of this Fib-pacing, the model has generated the following targets:
1 - TG-1 = 1301.76 - 05 SEP 2014 (Quant-Target with MOD prob of hit + LOW retracement potential)
and
2 - TG-Hi = 1321.71 - 05 SEP 2014 (Qual-Target with LOW prob of hit + HIGH reversal potential.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----------------------
Twitter: @4xForecaster
-----------------------
In our last technical commentary, we discussed about a completion of a Bullish Wolfe Wave acting as a springboard to a potential rally (see discussions and additioanl charts here: www.tradingview.com/v/HJ5t8w6p/).
What was confounding to this potential rally was the absence of two discreet, but technically crucial events:
1 - Internal Elliott Wave count that demanded a 5th wave impulsive move
and
2 - A predictive/forecasting model that remained unanswered via a narrow target range (1255.16 to 1255.73) defined on SEP 5th.
Combining both the elements of a missing Elliott Wave segment and that of a pending predictive/forecast were two strong reasons to hold any bullish aspiration.
Now that these events have completed, other targets generated by the same predictive/forecasting model are offering themselves to a potential rallying, IF it were to happen. I say this cautiously because all is not well with gold, and only a technical ground is used here to carry this bullish outlook to concrete heights.
OVERALL:
Lower targets are complete. I caution the trader to target his/her own overhead targets with a tight SL, and pace any advance based on 0.214, 0.382, 0.500. 0.618, 0.786, and 0.886 Fibonacci retracement levels.
Independent of this Fib-pacing, the model has generated the following targets:
1 - TG-1 = 1301.76 - 05 SEP 2014 (Quant-Target with MOD prob of hit + LOW retracement potential)
and
2 - TG-Hi = 1321.71 - 05 SEP 2014 (Qual-Target with LOW prob of hit + HIGH reversal potential.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----------------------
Twitter: @4xForecaster
-----------------------
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