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Wave-5

Gold - bulls still have the upper hand.Dear traders, Gold has been doing great these past couple of years and although we have been slowing down a bit since august there are probably still great times ahead. Here's my view on the current corrective move: So far we have had some selling since the high of around 2075 dollars that brought us down some 15%. Using the EW theory I say we are in a wave 4 now that is nearly finished. A standard ABC corrective move would bring us to the 1700 to 1740 dollar area. In addition, the C wave in a correction usualy comes as a 5 wave and so far I can only count 3, meaning we're just not there yet. Do keep in mind that this is not a must. Also, the RSI shows positive divergence so that's another argument for a bottom. For a 5 wave to become invalid it must pass the point of wave 1 (as shown with the purple dotted line) so it seems that 1850 is an important area. If we do turn back down at or near 1850 there's still room for a 5% decrease in price but if you are a bull with a longer horizon you have to ask yourself if that's worth the guess. For the bears (please don't be one): IF we break the 1700 area then we have to look way lower towards 1500, but so far there's no reason to do so yet. And even if that scenario would happen, Elliott Wave theory tells us we still need a higher high than 2075 dollar. So basically, this might all just be a great point to buy in or add extra. There seems no reason to be truly bearish yet. I have seen targets from 2700 to 3500 dollars from traders that are better in Elliott Wave than I am but I rather keep my conservative target of 2400, which is still an increase of well over 30% from here. No time stamp though. Could take a couple of months, maybe 2 years.. Good luck trading and remember: Always use stops to protect your investments!
TVC:GOLDLong
by vanfleetdaniel
XAU/USD GOLD Is RisingHi every one Gold Spot / U.S. Dollar as you can see in XAU/USD chart you can see a falling wedge pattern as well as strong support which is yearly support! so the price is approaching it's yearly support and by seeing the falling wedge pattern we expect the price to rise but only if the price break the falling wedge pattern! you can also see the Elliott wave Pattern as well which the price is in the 4th wave, so there is a high chance that the price is about to rise! so we recommend you to take position accordingly targets are: t1:1820.00 t2:1870.00 strong support:1745.000 we have dedicated a good amount of time for this analysis so support us by like and commenting our posts. Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast Thank you for seeing idea . Have a nice day and Good luck.
OANDA:XAUUSD
by CobraVanguard
16
Silver - still no longer term bottomDear traders, Quite a while back in one of my ideas I've stated that silver could go back all the way to 18 dollars per ounce. Although it looks like price is bottoming out I beg to differ that we actually have seen a real higher low since this year's rally. As you can see I make use of the EW theory and so far I was able to find 2 impulse waves (1 and 3) that topped just below 30 dollars. That means wave 4 a corrective wave should follow with being atleast an ABC pattern. That too happened just according to the EW rules. HOWEVER, after that ABC pattern was completed the price failed to pass that corrective pattern and the part inside the rectangle does not look like a new impulse. Therefore I think we will experience a WXY pattern (equal to two ABC patterns) that could bring us all the way back to 17,6 dollars. If price would break below that, the entire impulse from March has officialy ended. I expect to see serious buying though if we come near the 18 dollar range. Now on the other side of the coin: if my wave count of the rally is wrong and this appears to be either a larger degree 1 wave or maybe even just an A correction, this means we could see either a big 3 wave coming up or just another C leg that would bring us higher. Either way, all the scenarios should expect a new high above 30 dollars. That can bring us to the conclusion that bulls are well in control. To sum things up: Short term I expect a lot more downside and I have been shorting since 29 dollars (with good and bad trades.....) Longer term we may still see a rally towards 32-35 dollars. As a final note: the reason I made this a 'short idea' is because of the expected down side of 20 to 30%. You are well obliged to see this as a bullish strategy though. Finally, always use stoplosses to keep your emotions out of the game!
TVC:SILVERShort
by vanfleetdaniel
5
Technical Long Entry on GoldAs per my previous ideas on gold, we now have a technical entry with a retest and resumption on the 8hr candles. I don't like the chances of going straight up from here, but I've taken a small position anyway. My stop loss is also tight at 1806. If we go up from here it should be fairly strong. A better entry will be either after a wick down to the lower trendline or a retest and resumption up of the closest overhead resistance. Previous Published Idea: Please consider donating a few Gwei if you enjoy my charts and find them helpful :) 0xf611624408DB83923979Fc2cBd88D6965594fb31
TVC:GOLDLong
by dontdaytrade
2