As an update to the previous post, 1201$ did act as a short term resistance, pushing the price back down to 1142 in a few days.
Now, I have marked the low at 1131$ as a Major Low for various reasons:
1st, because it has shown impulsive price action which we have not already seen since the Major Top at 10th of July.
2nd, because We've counted the Elliott Waves and this low was the end of the 5th wave and the top at 1220$ retraced 38.2%
of the whole bearish wave.
So if this is our new Major price extreme, we are going to change our anchor price from 1345$ to 1131$.
I have found the daily bar in 1st December 2014 a really crazy bar.
Here's why:
From the low at 1131$ to this bar's top, it is 89$ difference.
Also from the start of the downfall for Gold, which happened in 10th of July, to this candle's date is exactly 144 Calendar Days.
It seems to be an example of squaring in price and time.
I have opened a test trade just to meet the lows.
If this analysis turns out to be true, we will be seeing new lows for gold in the following weeks.
As always, I'll be happy to hear your comments.
And until next time,
Take care.
Now, I have marked the low at 1131$ as a Major Low for various reasons:
1st, because it has shown impulsive price action which we have not already seen since the Major Top at 10th of July.
2nd, because We've counted the Elliott Waves and this low was the end of the 5th wave and the top at 1220$ retraced 38.2%
of the whole bearish wave.
So if this is our new Major price extreme, we are going to change our anchor price from 1345$ to 1131$.
I have found the daily bar in 1st December 2014 a really crazy bar.
Here's why:
From the low at 1131$ to this bar's top, it is 89$ difference.
Also from the start of the downfall for Gold, which happened in 10th of July, to this candle's date is exactly 144 Calendar Days.
It seems to be an example of squaring in price and time.
I have opened a test trade just to meet the lows.
If this analysis turns out to be true, we will be seeing new lows for gold in the following weeks.
As always, I'll be happy to hear your comments.
And until next time,
Take care.
