HunterCoder

HunterCoder

- Gold create a surprise and pushed for extended wave 5. - To my eye, wave 5 might be in a shape of contracting diagonal. - It's better to be flat for this move and avoid a whipsaw.

HunterCoder

- I expect correction to continue in near term before bullish action resumes - I's ok to be flat in the correction phase - don't need to have a position yet - I'd be looking for buys in the area of 2335-2355

HunterCoder

- Looks like Wave 1 of 5 if in place as expected. - Now the correction for Wave 2. The nature and depth of correction is unknown. - I'm assuming 50% correction to 2335 but this is subject to change. - Most traders should be flat.

HunterCoder Updated 

- Bull case is developing as expected and I want to take advantage of it - Long position on fib retracement 67.3: 2337.5 - SL: 2327 - TP: 2388 - this gives risk reward as 1:5. For more conservative trade set SL at 2312

HunterCoder

- The pattern looks bullish to me and I don't expect major pullback right now.

HunterCoder

- Currently finished wave 1 of 3 - Any pullback is a buying opportunity

HunterCoder

- Wave 4 is developing as expected as sharp and quick correction

HunterCoder

- Price of gold might fall in 5 waves to the downside for further correction to create wave C - This is not the main scenario but a possibility to be aware of

HunterCoder

- This is what I'm expecting in the bigger picture. - This move can pull the price of gold to 2500-2520 roughly.

HunterCoder

- Gold moved impulsively to the upside breaking the channel: this is wave 3. - Wave 2 was extended, so I'm expecting wave 4 to be sharp and quick. - Silver is a leader in this move. We shall see how much power is in gold move.

HunterCoder

- This is the bullish count for a breakout in gold. Silver already broke out and gold might follow. - Gold completed Wave 1 and 2 of wave 3 and wave 3of3 is ongoing. The move is expected to be strongly to the upside.

HunterCoder

- Gold is involved in sideways correction. - Watch out for whipsaws. - The way to go is to fade breakouts.

HunterCoder

- We finished correction of wave C with Contracting Diagonal - Now we're observing wave 1 to the upside ongoing - This is the beginning of impulsive move to the upside.

HunterCoder Updated 

Wave 2 of 5 to the downside is complete. Price has broken below corrective channel. Signal bar is an hourly doji and the breakout below the bar gives me the entry to the downside. SL is 2348 TP is 2280 TP may not be reached, I'll be monitoring development of the trade and close accordingly. At around 2280, I'm planning to go long.

HunterCoder

- I'm expecting sideways movement near term - Corrective wave = trading range behavior

HunterCoder Updated 

Wave 1 of 5 is finished as Leading Diagonal. Now wave 2 is ongoing. Upon break of top of wave 1 I'm going long. SL is 2305 TP is 2399

HunterCoder

- Gold might go sideways in near term and then start another leg down to complete the correction

HunterCoder

- Price moved in 5 waves to the downside - this will probably result in lower prices in near terms. - I'm expecting horizontal movement to finish wave B and then another impulsive, 5 wave move to the downside.