The EW structure in GOLD is very difficult to figure out lately but zooming down to the 15min level enables a pattern to be obtained. This 4 Hour chart shows my continuing idea from 29th Oct which has GOLD currently in a W,X,Y correction back to the 50% fib retrace level at 1309. Wave (x) has completed along with minor wave 1 of the (Y) wave. A small decline to around 1271 support line may occur before GOLD starts wave 3 which should be a strong move upwards. Good Luck
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Gold making good progress towards target of 1308. Note that GOLD in wave 3 of 3 with strong momentum.
Is it possible Friday's high @ 1297 was it and that we are now headed down to mid 1200s? Thanks. (Nov 20, Noon EST, US$1297.26)
Geofftv1
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@SandiAlexiz, I don't think so. It looks like this wave is turning into a diagonal rather than a normal impulse. If correct GOLD will increase once again
when this corrective wave finishes which will be soon.
SandiAlexiz
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@Geofftv1, Sorry to be such a worry-wart, but these big swings are churning my stomach! I am trying to understand still how to count these waves and such. Thanks so much for your guidance! Sandi
Geofftv1
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@SandiAlexiz, I have just placed a buy order on GOLD if it reaches 1276 with a 3 point stop (1273) The waves in GOLd are very up/down BUt
this is often what happens at periods of uncertainty.
SandiAlexiz
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@Geofftv1, Yes. I am very unsure what is going on. Good to have an expert to illuminate what's happening. Thank you again!
SandiAlexiz
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@Geofftv1, Would we then be at the end of 5 of wave (iv)?
Geofftv1
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@SandiAlexiz, No, this would be end of wave C in wave (iv) diagonals move in waves of 3 A,B,C
I will redraw the chart soon.
SandiAlexiz
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@Geofftv1, I have a long way to go to understanding EW. Thank you for the book you suggested for reading!
Geofftv1
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@SandiAlexiz, It takes a long time to get to grips with EW and I have learnt the hard way losing more times than winning.