Gold made a low on Gann level 1726, precisely on the .618 fib retracement of the previous wave (blue box). This low likely completed wave (c), blue count.
Soaring oil prices fuel concerns of inflation, which appear to be the major driver for Gold now.
Currently price consolidates on Gann level 1747 after it got rejected by the 20 day MA on 4 OCT.
We can now take a look at wave ii (green count), which either
- Completed on Gann level 1747
- Or is still to complete in the 50-60% retracement area (blue box)
Should Gold drop again, a BTO idea above 1764 could keep us safe and we can possibly build positions from the 50-60% retracement level with better entries.
Venus conjuncted natal North Node on 6 OCT, a bearish aspect that has now passed.
______________
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In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
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Binance
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These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
TD = Theta Decay (for example a strangle or iron condor)
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Soaring oil prices fuel concerns of inflation, which appear to be the major driver for Gold now.
Currently price consolidates on Gann level 1747 after it got rejected by the 20 day MA on 4 OCT.
We can now take a look at wave ii (green count), which either
- Completed on Gann level 1747
- Or is still to complete in the 50-60% retracement area (blue box)
Should Gold drop again, a BTO idea above 1764 could keep us safe and we can possibly build positions from the 50-60% retracement level with better entries.
Venus conjuncted natal North Node on 6 OCT, a bearish aspect that has now passed.
______________
constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
Open an account here if you'd like to support my work:
TastyTrade
America's best Options, Futures and Crypto broker
start.tastyworks.com/
Deribit
The world's most liquid Bitcoin options platform
deribit.com/reg-14912.6680
Binance
10% off trading fees with this link:
accounts.binance.me/en/register?ref=LLBB97HL
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
TD = Theta Decay (for example a strangle or iron condor)
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.