There is a correction in the gold after a very long impulsive move from 2001. I found a barrier triangle in wave 4 of wave (A). The blue line shows the trajectory that may be followed by the gold.
Sell near 84.76. The five waves are completed and the A, B, C correction is due. This correction can be 61.8% or more of the previous five waves. The double top is forming and the third top is in pressure and indicating the breakdown downside.
The 5th wave is forming ending diagonal. There may be rally up to the base of the diagonal. I took my target, the 50% retracement of wave (A).
An update to the Elliot Wave count I have posted previously. As long as the previous low for wave ii-(1)-3 at around 390 holds then this count looks good. Detailed price commentary including indicators to follow this weekend on my website, hopefully.
PayPal news seems more likely to be a reason/excuse to pump rather than a catalyst to the temporary bullish momentum in the current bear market. 4 hours RSI today still shows an underlying weakness in the market with its inability to break out of the trend developed over several months since the fall from the 680 rally. We are also hitting an upper resistance...
Here we can trade for two targets (1) 100% extension of wave A. (2)161.8% extension of wave A.
Here we can trade for two targets (1) 100% extension of wave A. (2)161.8% extension of wave A.
Selling third wave below one pip of wave (1). This trade is also valid according to AB = CD pattern.
Perhaps the C leg has terminated and new 1 to 5 waves has started. If we study this in weekly chart, this may be the starting of the third wave.
The correction is over and new uptrend is started.
Is correction of EURUSD over? The 88.6% of main trend and 161.8% extension of A wave are coinciding. Will this present buying interest?
There are two trade setups are possible first - (1) Sell the forth wave then (2) Buy the fifth wave
Why geometry works with numbers ... well, I could show you some of the stuff I have been working on, and numbers... regardless as how random or linear they may seem, have value associated.... sort of like Karma. Guessing when your going to get your Karma, is Forex ... a fickle bitch. The chink in this armor, is pretty straightforward... follow the trend. Guessing...
Tesla, aka the "stock of 2014" looks like its wild drive might be coming to a temporary end. As much as I love this company, I see us at a temporary top, and I am looking for a shorting opportunity in the 265-275 zone. Wave properties since March suggest we are in a corrective ABC flat, and are close to the B "top". Other indicators such as RSI and declining...