GOLD Project $1550 UPDATE
For the Non-Elliot Wavers Among Us That means most of the Soren K. Group
- $1240 is a double bottom area that also coincides with an EW count we like on the 30 minute chart
- if normal resistance at $1259 is breached on a settlement basis $1280 should not be a problem
- The Wave count shows a $1296 target on the 30 minute chart before a pull back if $1259 holds
- The 4 hour count calls for $1350
- The Daily count calls for $1550
One thing that EW is VERY good at from our experience is reliably predicting 3's in a 5 count. And we are now in a small wave iii by the math. So for what it is worth here is the Wave analysis
Soren K, Fay Dress, VBL
Elliot Wave Count
via Enda Glynn and BullWaves.org
GOLD has rallied the last 2 days in a pretty bullish looking fashion. I can count five distinct waves in the rally, and the decline is in a three wave form.
So in the very short term, we have an elliott wave buy signal in place off the low at 1240.85. Yesterday's high is at 1254.76, the price rises above this level and is a bullish signal that we'd be reticent to fade.
If the price continues above 1259.09, it will signal that wave 'iii' brown is underway.The 4hr RSI gave another buy signal again today which adds weight to the bullish interpretation.1240.85 needs to hold from here.
Project $1550 Posts In Chronological Order
- MYSTERY SOLVED? GOLD OVER $1214 GIVES $1550 AS TARGET
- Project $1550 Gold: Buy Dips Above $1248
- Why Gold is Up and Why $1550 is Still The Target.
- Wave Count Hints at $1241 Bottom
30 min
4 Hours
Daily
My Bias: Long towards 1550 Wave Structure: ZigZag correction to the upside. Long term wave count: Topping in wave (B) at 1550 Important risk events: USD: New Home Sales.
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