Quick update on the un-clear, non-decisive situation.
The chart is messy, but we have Green or Red paths.
Either the correction is done, or has one more leg down.
This is a common dilemmna point in Elliot Wave methods.
Is the drop so far an ABC or a 12345? if latter, are all 5 done?
And is a bounc here a wave 4 of 5 down? or 1 of 5 going back up?
It is Friday morning UK at time of this post.
We could very well stay in range until next week.
Or, another US/China/Trump newsbite could hit.
My bigger picture view indicates $1450 needs testing.
I think the previous low of $1459 on Oct 11th will break.
If for no other reason than to take out stops just below.
As usual, my EW paths are just GUESSES, based on no new info hitting the market.
But the Zones are SOLID, and no matter of the news, they WILL cause reactions.
.
Previous Gold Analysis (click):
Exact Map of Top
$1516 Top Call
$1498 Top Call
$1650 then $2100?<= Still Plausible
$1480 short TP
$1515 top call<= Awesome Short
$1555 top call<= Just in Time
$1406 to $1525<= Caught the Jump
$1386 bounce
$1439 top call<= To the Penny
$1332 bounce
$1270 bounce<= To the Penny
$1280 break
$1380 call <= 9 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
.
The chart is messy, but we have Green or Red paths.
Either the correction is done, or has one more leg down.
This is a common dilemmna point in Elliot Wave methods.
Is the drop so far an ABC or a 12345? if latter, are all 5 done?
And is a bounc here a wave 4 of 5 down? or 1 of 5 going back up?
It is Friday morning UK at time of this post.
We could very well stay in range until next week.
Or, another US/China/Trump newsbite could hit.
My bigger picture view indicates $1450 needs testing.
I think the previous low of $1459 on Oct 11th will break.
If for no other reason than to take out stops just below.
As usual, my EW paths are just GUESSES, based on no new info hitting the market.
But the Zones are SOLID, and no matter of the news, they WILL cause reactions.
.
Previous Gold Analysis (click):
Exact Map of Top
$1516 Top Call
$1498 Top Call
$1650 then $2100?<= Still Plausible
$1480 short TP
$1515 top call<= Awesome Short
$1555 top call<= Just in Time
$1406 to $1525<= Caught the Jump
$1386 bounce
$1439 top call<= To the Penny
$1332 bounce
$1270 bounce<= To the Penny
$1280 break
$1380 call <= 9 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
.
Note
Initial rejection from the red 2.618 I did expect a stronger bounce, but maybe it will launch again off this support ....
.
Note
Clinging to support here But I dont think it will be a big one unless Trump says something good about China....
.
Note
So it looks like we wil end the week resting on the support ledge just above my target .
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.