OwenMohd

OwenMohd Updated 

This is the short setup I'm looking at. Technically short positions can start building above 1210 but I prefer 1215 and above

OwenMohd Updated 

This chart is based on daily as an alternative wave count with alternative wave calculation. My bias is the blue count just because it makes more sense and this bull run doesn't look like a wave 4. But you never know. Ignore the giant green box - its the candle for 2016 so it does look like gold should hit 1230+ at least in 2017. Year is still young.

OwenMohd Updated 

I've been looking to short but since 1170 is holding then there's no initial signal yet. The last formal short setup was between 1155-65 and bulls defended the 50 lvl. Long setup: Retracement 1170 or 1165 wick for target 1193/1206. If this bullish wave 'a' is a 5-wave move then there ought to be another wave up. 1192 is safe because bulls prefer to hit 161.8...

OwenMohd Updated 

In my view Gold is still in bearish mood while under 1151 - above which would confirm invalidation of the bearish wave count. Bulls can also turn this around if there's a valid impulsive move upside and beat 1144 (and thereafter support the 1122 low). Neither of which has happened so I'm still short and adding short positions around 1140s area for the next wave...

OwenMohd Updated 

I didn't have much interest shorting equities but this setup is worth the risk. 11pts for potentially 100+. New year's around the corner and bulls are making room for bears to play. If this works out, can add more shorts on break of lower trend line.

OwenMohd Updated 

At this juncture I'm looking at the velocity of bears. The mini a wave is fitting the profile quite well but may not be finished. The best long positions are usually found after a blow-off low in order to create some room for longs to manoeuvre -- I don't see that in daily yet so I'm still short from 1185. However, on the flip side -- my initial target 1157 has...

OwenMohd Updated 

Nov 25 Daily price action showing signs that bear 2nd leg is nearly over. Incidentally, 1.618 targeting mid-1150s is nearby. A few trend lines for confluence and also great support regardless. The minimum target would be 1280, pullback and continue to upper targets/retest the 1375 high. This is assuming 1170 breaks down - which it may not if there's enough bullish...

OwenMohd

Confluence between ichimoku cloud, retracement and fib timezones are seen here.

OwenMohd

Bearish bias: medium term (correction). Bullish bias: long term. Correction can be much much deeper which will give bulls better spring up. Shallow correction expected to have weaker trend continuation.

OwenMohd

62 fib rebound supports Wave 4 view

OwenMohd

Fits well thus far.

OwenMohd

Bullish confirmation upon breach of channel. Buying on dips/breakouts