Possible Scenario. I will rather wait for lower lows in September for long
To all the Musk-eteers, dont lose your money to a $B-troll.
Manage risk carefully. DXY seems to be heading for 90.0x before support
Daily close above 1870 and Bulls are ready for 2k. Remember EW theory is a shallow wave 2 begets a deep wave 4. The ping on the fib line rang a bell for bull and found linear regression support. Another pattern formed here is an inverse H and S.
Doom or gloom, we will see 2k first. And above 2k later. REASONS Investors betting on Biden to bring economic recovery would come to realization of inflation. And the need for safe haven has not diminished yet with new lockdown likely to come in US due to increase virus cases and new strain. Also December seasonality for GOLD accumulation has not faded. If 1930...
We had an analysis in the private chat group about bullish flag break upward and reaching the next resistance. Here we should watch for bounce or break downward of the same supoort for the next trade.
Wave Analysis of previous FIBS (10:10: ) =>Maybe we will complete the last 10 steps from wave III (18,000) to wave V (360,000)
Watch volume closely at this support. But a favor a break downward so we could get a better buy opportunity at the biginning of vol/price divergence.
Break the temporary support and we will have a deep correction again
Playing around with fibs. But I suspect 32k would be stong as it is the 34th level fib
I need you to decide...But I already placed my trade
Update on Plan. We likely have our wave 1 now and a retrace to 1816/1811 will give us our best price to buy.
We follow same plan. If we have a (b) wave later then we could say our retracement was (a) in 5 waves (i-v), else without (b) and a shoot straight up we could say our retracement was a w-x-y-x-z and that is the end of wave 2.
We wait till 1805 area for a discounted gold and we do not fear missing opportunity. Wave 2 is coming. I have created a channel for private chat group added in the idea on the UK page "Here is the plan..." link below.