This trade is only Valid IF we break the red line wedge illustrated in the chart. 1. New Daily Channel 2. Hidden Bullish Divergence on Daily chart 3. Elliot Wave Bottom at 1227-1224 Region 4. William Vix bottom on H4 5. H4 Oversold I will fully commit to longs if we make a clear break back above the important $1238 wedge line. If not I will wait for $1215 -1200...
IF 1257 BREAKS LOWER THAN: updated trading plan -based on 4HR 20EMA crossover -$1247 is 78% retracement -$1243 is wedge bottom
LONG FROM 1240-1243 TILL 1300+ - bounce off wedge support line - channel bottom can go as low as 1238 for tp targets look at $1280, 1300, 1315, 1333.
NEXT MONDAY should be the beginning of another market correction. This might take a whole week to unfold. Target is $1800-1815. Estimated top: 2020-2030 1. top of wedge 2. should bounce off 200 day MA 3. RSI over bought
resistance at 1263, 1260, 1257 $1260 being 50% retracement long till $1300 or $1335
-trend channel top is 1300 -rsi is bullish on most timeframe -will consider shorting next week for 50% retracement
-NEW BULLISH CHANNEL. -Broke m30 20EMA. -RSI >50 on most timeframe
1243 1240 1232 I will start long from here buy with tight sl. $3 sl. This this level breaks i will see if 1200 holds. 1215 1200 1190 1180
3 SUPPORT TO LONG FROM 1.current support 52 2.44 previous wedge 3.32 bottom of bullish weekly channel
as long as we're within in this bullish channel and above daily pivot. i am long till 1300+
I would wait till fri nfp release before committing to this trade. long from 1230-1240 with two targets $1280 and $1335
#1 Negative Adv NFP & NFP #2 Positive NFP
LONG TARGET 1248-1250 (top of the wedge) THEN retracement to bottom of pitchfork channel of roughly 1225 then LONG then till 1280 region (or top of the channel)
LONG TERM GOLD CYCLE FORECAST. base on a 7-9 year market cycle. Most stock market cycle last a typical 7 to 9 years. Gold usually has a 90-92% negative correlation with the S&P 500.
POTENTIAL BOTTOM FOR GOLD. looking to long 1215-1220 till 1263-1280
IF WEDGE BREAKS HIGHER, LONG AND TARGET 1253-1280. if lower, short and target 1215 area.
LONG TERM BEARISH CYCLE FOR S&P 500. based on 7-8 market cycle.