Lets play NU TRAILOkay, here is how I see it.
This pattern is WICKED... very very WICKED... It has oversized adjustment EVERY where, and that could cause miscounts for E wave traders like myself.
Look at the blue 1 and 2 for example... W.T. H right? But to me that is 1 and 2. Because doing it any other way will cause the bottom of 2 to go lower than 1, leading to 'invalid' patterns.
But as for pattern lets get to it....
The Purple line represents the WEEKLY path. That on an Elliot-Wave is 4 to 5. Of that i am 95% certain.
The green line represents a DAILY Ewave pattern that should end where the Weekly does, in a matter of months. Of that I am 50% certain.
The Red line is a possible Ewave forming, showing that the 4 of the Weekly was not ready to come down yet, and is making one last thrust up, before coming down for the weekly 4 to 5, and to create a new DAILY, 12345 of its own... Erasing the current green line. Of that I am 70% certain.
But the Blue A, B, C I have mixed feelings about... A to B I feel 80% certain about. B may go to the 'red' 5 area. Causing a flat correction. But C.... I don't know how that will behave exactly... It may do this, or something else entirely... only time will tell.
For now... this trade is a short term LONG.
Lon
LONG GOLD XAUUSD: RISK-OFF ASSETS TRADING CHEAP ON US STOCK DIPGold Positioning - Buy @ Market; 1350TP1 1370TP2 - 1 lot (small) and add double every daily close lower - 1lot, 2lots tomorrow, 4lots the next day:
1. Risk sentiment looks to be turning south, particularly in US equities which have seen monthly lows which is consistent with the broad equity valuation correction lower that i have been expecting for the past few weeks.
- However the highly correlated safe haven assets look to be showing some divergence/ value by also trading lower. Given im a risk-sentiment bear, I back this view with short SPX and long Gold/ YEN.
2. Also Fed unlikely to hike means USD demand is likely to be parred which puts less pressure on gold, but either way, a hike increases risk-off and will drive gold/ haven demand so it is a win win situation.
3. Statistically gold is also a long after trading lower 5 days in a row which for the past 16yrs of data is a 1/100 chance of having a bullish day for the next day (today). Also on the weekly we are 1.3 deviations lower, with the monthly and quaterly at 0.9sd and 0.7sd lower.
4. Risk here looks to be to the 1300 pivot with topside at 1350, 1370 and 1400 - i personally feel we can see gold bid to 1370 on a SPX to 2000 backdrop, a fed hike would have my bets moving SPX well through 2000.
NFLX - long from 98.87NFLX running within a contracting range & seems it will have a bullish breakout. It also had good insider buying recently. We think it will go up & our target is 110.70
Break of 98.87 will be trade confirmation. For trade we are looking for Oct 105 call, trading for $3.4 now.
You can check our detailed analysis on PAG in the trading room/ Executive summery link here-
www.youtube.com
Time Span: 5:50"
Trade Status: Pending
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GBPJPY 4 HOUR LONGPRICE MAKING HIGHER HIGHS AND HIGHER LOWS INDICATING THIS UPTREND IS WELL INTACT. TRENDLINE IS ACTING AS A GOOD SUPPORT SO IF WE GET A PULLBACK INTO THE TRENDLINE/189.000 THEN THAT WILL BE A GOOD LEVEL TO GO LONG. IF PRICE BREAKS RESISTANCE THEN THAT WILL ALSO BE A GOOD CHANCE TO GET LONG/ADD POSITION