Gold - more complex corrective structure
Looking at the daily chart of the gold futures contracts from CME we may spot a complex corrective structure. Previously we have assumed its simplified form. We have to change that view because wave B takes more time to form.
Wave B which consists of three sub-waves labeled as “abc” could create a possible flat correction pattern. If the trendline is broken we could expect another downward wave labeled as wave C.
The possible target is set by the previous top and by the lower limit in a downward channel. It seems that only a move above the line drawn through the tops may change the view from bearish to bullish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Wave B which consists of three sub-waves labeled as “abc” could create a possible flat correction pattern. If the trendline is broken we could expect another downward wave labeled as wave C.
The possible target is set by the previous top and by the lower limit in a downward channel. It seems that only a move above the line drawn through the tops may change the view from bearish to bullish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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