standard 50% retracement after 5 waves up. This should be a big winner.
Nota
Not so text book after all. I count 5 waves down from the recent high around 22.88 and the fib extensions say it should be done. It is likely a C wave which is 5 waves but often C waves are lower than the A waves (but don't have to be) so its possible to get a bit of an overthrow under the trendline to shake the rest of the bulls out. I like this as an entry and have added this morning.Nota
final add here, i had 21.57 GDX and 1217 gold as a potential bottom, strongly below those levels and this trade is wrong and will be closed.Nota
banks are just blowing out the weak players on low volume, real bond yields are down this morning, its a giftNota
very large rally could be setting up here, we have either a 1,2,1,2,1,2 count in play or a double zig zag correction ending at Y, above this mornings high gold will likely rally for days and weeks to come...perhaps the fed is done raising rates for now or something, i'm personally expecting a huge reversal today. Nota
The bears were telling me gold's recent climb from the lows was only a 3rd wave bounce, the labelling for it was always forced and ugly. C would have a truncation and look awkward. I propose a leading diagonal in the works instead for wave i up, if correct we should rally from here in a iiird wave Nota
my idea blue, bears blackNota
my idea confirmed, leading diagonal confirmed, third wave up in progress, enjoyNota
Everyone seemed so bearish a few days ago. still a slim chance for the bears if this move from the lows was ABC, i may take some or all profits at 22.2 and look to re-enter 21.8 area with a stop around there in case it moves strongly lower, i'm still bullish and expect prices to get to the 25 area in the coming weeksPenafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.