In Elliott Wave Theory, an expanding triangle contains waves with a common relationship of 1.618. For example, Wave A x 1.618 = Wave C, Wave B x 1.618 = Wave D, so the data suggests that wave E could be equal to 1.618 x Wave C.
There are of course many other Elliott Wave counts that project different profit targets, but this is an interesting one to bear in mind....
Gold has reached the $1280/$1230 intraday resistance level again and has shown multiple rejections of this liquidity zone. I am looking to short gold back down to the $1400 key level.
We also have the 0.786 retracement level in this region from the last highs and lower lows. Price has also actually broken a major bullish trendline that was present form $1270 up...
My view for XAU next week.
Last week my bias was sells for this pair all last week, due to the parabolic movement into the highs last week faking out of the daily and weekly. 1430 was choosing to be strong resistance. My first entry stopped me for 1R and then got a chance on my second trade and then I missed the sell off on Friday, since then we have formed new...
FTSE100 is making some nice consolidation on the 1hr timeframe and is now breaking the lower TL.
I will wait for a clean break and then short on the retest and lower high. Targeting new lower lows at 7000
This is about HFT's and a counter offensive against market manipulators on the DJI.
It is an unconventional and risky strategy. I share with everybody. But if carefully studied and managed can be quite profitable in relatively short periods of time, like a few hours.
To appreciate and engage this:
1. Multi-timeframe analysis is a must.
2. Trend following...
4hr Trendline pullback + monthly trendline pullback 1460 area multi year tops
DXY retest from 97.50 support area + 4hr trendline
RSI approaching oversold area
4hr Inverse heads and shoulders pattern
Elliot wave point D
However 2nd scenario
- if price breaks the structure and the 1460 level we could see gold going long