Looks like an ABC is completed yet or alsmost done (the green rectangle would be the bounce area if it will continues down). Buy targets around 1.243, SL below 1.16
After the invalidation of my previous idea on the potential wave 4 (linked below) we should consider a new possibile count. So, as commented into chart i think we are going to test the big broken TL at around 93. Regariding the count, a break up could means that we are into a new impulsive uptrend move. I'm monitoring the dxy to trade into XAUUSD (gold) and...
After we reached the target at 1740 and 1720 (1740 - 1680 area ) from my previus idea (attached here), I would say that a beautiful wave 4 made of an inside ABCDE ( 3 3 3 3 3 waves) strucure might be in competition (or already completed), in that mentioned area. But looking at the formation of this last leg down I would say that this could looks also as a wave 3...
According with my main Indea of the big ABCDE into the Cycle's Wave 4 I think that we stay into the relative (B) of wich the green inner ABC may be a potential path. Also looking at the potential Bat Pattern that is forming. I will look at the marked levels for a reversal up to 1880 - 1910 area.
Its maybe ranging into a wave 4 (abcde: expanding triangle) of the bigger wave 5, heading below 89 after completition?
After months of closely observation of these big corrective moves on Gold, we can assume that we are almost in the ending of the complex structure. Looking at the whole structure in its internal movements, its looks like a giant ABCDE (3-3-3-3-3 corrective waves structure) in wich we are in the last one (the "E"). This chart will be use as monitoring the last...
Potential reversal area would be between 1940 and 1960 according with my counts and patterns. Levels to watch: 1944, 1959. Target: around 1720
I think that we are in a corrective ABC structure inside a wave (C) in the daily chart. According with this count we may are inside a bigger wave 4 before another big dip for the wave 5, or the previous impulsive movement may already be over also. So if this count is correct we may have 3 different potential targets for the completition of this (C): 1) 1.374xx...
1871 - 1879 might be the death line. Looking for ABC (5-3-5) completition at 0,618% extension of A-B; if this will fails next stop could be at 1901. Targets: 1800 and 1740/1725 area.
After the preview idea of the ABC correction (the Gartely pattern) up to 1965 that earned 1000+ pips in both ways (buying the B and selling the C), this idea would shows my bigger ABC Cycle count with shorts target to 1765. In the follow you can see 2 my short ideas on Gold that are still in play. I will update this idea with screeshots of the inner moves count if...
Short setup based on Gartely Pattern completition.
Correlating the moves and the count with GOLD chart, we might are close to the completiton of a big Gartely Pattern (and ABC correction in terms of EW counts). So the red rectangle would be the short are to try to hold for a potential huge move down.
According to my charts and studies, this is what i see. Short 1955 SL: 1990 TP 1:1833 TP2 1740
So, we are again in a giant correction and probably we will rest into it untill post elections (middle November?). What i see as possibility now is a slowly drop to 1880 - 1855 area, then from there a rise up to al least 1955. So a strategy atm would be to hold the sells untill 1880 and close them from there to 1860 and then try a buy to 1955.
Like my other idea on Gold, i think that we are in a giant correction move. What i would expect might be a move down before of a rise up. The completition of that BAT pattern would be a confirmation of my ABC.
The wave 2 (ABC correction) would be completed at 1932. So "if" (ever big IF) the count is correct we are in the 1st wave of the big 3. This 3-1 would be complete at around 1865, then we could see the ABC up for the 2nd inside this 3. In this case we should have 2 short entries (and in case 1 long for the ABC up): --------------------------- 1st short: Entry...
Short around 26 to try to run a big wave down. This idea is an update of my preview on SILVER ( ) and correlated with others on GOLD and DXY (linked above).