#002-5 GOLD IN DANGER (ORGANIC PRICE/VOLUME ANALYSIS)
Please read #002-1 to #002-4 for reference first.
I am strapped for time, but will try my best to show how organic price/volume waves fits best with Elliot Waves for forecasting.
I am strapped for time, but will try my best to show how organic price/volume waves fits best with Elliot Waves for forecasting.
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EXAMPLE, GLD MARCH/APRIL 2020:
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So in March of 2020, we have a double top. The waves are color coded: BLACK < BLUE < RED < DARK GREY < PURPLE < ORANGE, BLACK is shorterst time frame and ORANGE IS LONGEST. For this setting, each wave is 1/3 the wave bigger than it, and 3X the wave smaller than it. SO: BLUE*3=RED, RED*3=DARK GREY.
Look at price above from January to March, DARK GREY wave leads PURPLE wave (so prices are rallying).
BUT BELOW IN VOLUME DARK GREY IS BEHIND!! After the first top in February, DARK GREY volume is declining but still positive. HOWEVER, RED IS IN DEEP NEGATIVE TERRITORY WHILE PRICE MAKES THE SECOND TOP.
This is what I mean by exhaustion as it relates to each wave.
Look at price above from January to March, DARK GREY wave leads PURPLE wave (so prices are rallying).
BUT BELOW IN VOLUME DARK GREY IS BEHIND!! After the first top in February, DARK GREY volume is declining but still positive. HOWEVER, RED IS IN DEEP NEGATIVE TERRITORY WHILE PRICE MAKES THE SECOND TOP.
This is what I mean by exhaustion as it relates to each wave.
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ANALYSIS:
Look at chart at top. Notice that red is not in negative territory. BUT IT IS MUCH MORE BEARISH HERE!! BUT WHY??
BECAUSE THE VOLUME WAVES ARE IN REVERSED ORDER!!
Meaning the momentum is STRONGLY BEARISH. Compared vs RED 2 short term top on January 29th, PURPLE VOLUME IS NOW UNDER ORANGE VOLUME! Plus, the space between BLACK AND PURPLE VOLUME IS TOO WIDE FOR RED WAVE TO REVERSE IT.
NEXT VOLATILITY CYCLE FOR RED WAVE DOWN: price will be ANNIHILATED.
Look at chart at top. Notice that red is not in negative territory. BUT IT IS MUCH MORE BEARISH HERE!! BUT WHY??
BECAUSE THE VOLUME WAVES ARE IN REVERSED ORDER!!
Meaning the momentum is STRONGLY BEARISH. Compared vs RED 2 short term top on January 29th, PURPLE VOLUME IS NOW UNDER ORANGE VOLUME! Plus, the space between BLACK AND PURPLE VOLUME IS TOO WIDE FOR RED WAVE TO REVERSE IT.
NEXT VOLATILITY CYCLE FOR RED WAVE DOWN: price will be ANNIHILATED.
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WED FEB 24 11:33 AM ET.
ENTRY SHORT 1798.16.
STOP LOSS 1822.
TARGET 1680.
ENTRY SHORT 1798.16.
STOP LOSS 1822.
TARGET 1680.
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MON MARCH 8 10:45 AM ET.
TARGET REACHED. TRADE CLOSED.
TARGET REACHED. TRADE CLOSED.