Hello friends,
Unrelated Thoughts
I worked on this chart here for quite some time because I was having trouble unlinking my spit screen from my screen of choice. The few times I tried to publish gave me results of 2 screens versus the one. The screen on the left is the dominating screen for a spit screen and even though your choice is to publish the right side of the split-screen (clicking the bottom feature for a fullscreen) the dominant side prevails and thus you have 2 screens.
The fix was to right-click the chart and choose "Move Chart" (forward/back), I choose forward and tried to publish again as a test but this time I locked it from the public so that I didn't look like a dumb ass, Dooh!
The Analysis
Anyways what are we looking at today? I haven't done a chart on Gold for a while and wanted to see if there were any opportunities for making some easy money (not so easy). So I see here on this chart an M formation and that we had failed to reach a higher high (right shoulder of M) this failure is denoted as wave B.
Looking back at the last M formation (March 8th) we saw a massive dump that went from 1703.xx to 1451.xx, I don't think we will get that this time but I did find reasonable targets that line up with support and resistance structures with the addition of using the fib tool for those targets as indicated by averages according to Elliot Wave guidelines. What we can expect are 2 target zones. The bigger zone is the retracement from the high to the low as seen in the fib tool "0 o 1", the golden ratio is very close to the C wave target that has a fib marking as 1.618% (of A wave) there is some confluence between the two types of retracements along with having a failed higher high denoted as B wave.
So what I am looking at is to enter a short when we retest resistance (1730.xx) and will wait for the signal to enter my short. My stop loss will be placed just behind the resistance level and with some luck, I will see this come to fruition. My target is the 1.618% fib level as indicated on the chart.
Cheers!
Unrelated Thoughts
I worked on this chart here for quite some time because I was having trouble unlinking my spit screen from my screen of choice. The few times I tried to publish gave me results of 2 screens versus the one. The screen on the left is the dominating screen for a spit screen and even though your choice is to publish the right side of the split-screen (clicking the bottom feature for a fullscreen) the dominant side prevails and thus you have 2 screens.
The fix was to right-click the chart and choose "Move Chart" (forward/back), I choose forward and tried to publish again as a test but this time I locked it from the public so that I didn't look like a dumb ass, Dooh!
The Analysis
Anyways what are we looking at today? I haven't done a chart on Gold for a while and wanted to see if there were any opportunities for making some easy money (not so easy). So I see here on this chart an M formation and that we had failed to reach a higher high (right shoulder of M) this failure is denoted as wave B.
Looking back at the last M formation (March 8th) we saw a massive dump that went from 1703.xx to 1451.xx, I don't think we will get that this time but I did find reasonable targets that line up with support and resistance structures with the addition of using the fib tool for those targets as indicated by averages according to Elliot Wave guidelines. What we can expect are 2 target zones. The bigger zone is the retracement from the high to the low as seen in the fib tool "0 o 1", the golden ratio is very close to the C wave target that has a fib marking as 1.618% (of A wave) there is some confluence between the two types of retracements along with having a failed higher high denoted as B wave.
So what I am looking at is to enter a short when we retest resistance (1730.xx) and will wait for the signal to enter my short. My stop loss will be placed just behind the resistance level and with some luck, I will see this come to fruition. My target is the 1.618% fib level as indicated on the chart.
Cheers!
Comentarios:
Please feel free to comment and or post your own ideas in the comments section.
Comentarios:
Beware that this could end up creating a higher high with this pattern spotted on the 4hr. The triangle could be a barrier triangle, meaning that the bottom is flat. Yet this could also be a symmetrical triangle. We will know when the triangle completes.
