jamiejudgie

jamiejudgie Updated 

After breaking the medium term uptrend to the downside and retesting the trend line, Gold is now in an established bearish channel.

jamiejudgie

As the long term down trend line is broken, there is either a corrective zig-zag pattern or new bullish impulse developing. We have already had one move up (marked a/1) and a corrective channel back down retracing 61.8% of the upward move (marked b/2). Since the a/1 - b/2 downtrend was broken, we are now in either a 'c' wave or a wave 3 of an impulsive move to the...

jamiejudgie

The thick green line is a major downtrend, which has been in place since mid May 2014, this constitutes a major resistance level. If it breaks, it would be considered a strong buy signal - currently at 1.1044. This being the case, my wave count would invalidate if the price were to break above the horizontal blue line which is just 28 pips higher (1.10872), as the...