1.After a 5 waves ending diagnal,gold break up the down trend line and giving an impulse wave
2.We are waiting a correction down to the bottom of the channel on the daily chart
3.The precise turning point is hard to say ,but there are 3 price level which will be a great pressure on the 4h chart
2.We are waiting a correction down to the bottom of the channel on the daily chart
3.The precise turning point is hard to say ,but there are 3 price level which will be a great pressure on the 4h chart
Note
1.Shark pattern 's D point at 1280Note
1h Butterfly at 1282Note
1.618 retracement at 1278Note
the Deep Crab in Copper also declaim that this impulse is in an big correction wave nowTrade active
Trade active at 1280SL:1287
TP1:1225
TP2:1192
TP3:1137
Note
Gold went exactly as we expect ,add one more short position at 1263,SL:1283Note
1280-1220,already 600 pointsOnde again the harmonic analysis shows its power,but i don't mean that other methods are invalid.
Instead,many ways will lead to Rome,right
In this case ,we use the Elliott Wave counting as well,
The chart below shows a Gatterly Pattern this afernoon in Gold's 1h chart.I don't close my short trade because of this harmonic pattern.It'is because a Larger harmonic pattern is still running,and the wave count is not right.
The failure of this Gatterly shows the price is very weak to go any high above 1232
Note
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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.