AbhishekHSinghCMT

GOLD-- How it can fool & Start Jumping above 1365$(Alternate)

Long
AbhishekHSinghCMT Updated   
COMEX:GC1!   Gold Futures
5
Alternate Call--- How Gold can fool market partcipants & start jumping above 1365$........As an elliottician -I learnt this long back that why you should keep alternate count ready -if market fails to move as per your expectation...

Now ..for Instance let us assume from bottom 1335$--Gold has moved impulsively-wave -i ( orange ) & shall correct in wave-ii ( orange )---In doing so ...it will move as shown in red arrows & shall hold 1344$ -Polarity reversal zone as strong support...

In coming session--if it fails To go below 1344$ & remains above that mark--you should doubt this downfall to continue as per previous updates...which started from 1371.5$.....

& Change your strategy as soon as --you see 1344$ as strong support.......
Blue Count -from 1371$ is my primary count & orange count is an alternate count --incase Gold fails to go below 1344$....

Regards,
Abhishek H.Singh, CMT


Comment:
08:27 Hrs--IST--11th Aug 2016---My Primary Count is still active which is blue colour waves...wave-1 down from 1371.5$ to 1335$--Then Bounce in Wave-2 from 1335$ to 1364$...Let us wait for markets to give us direction --rather guessing & getting into trouble on wrong side...

Regards,
Abhishek
Comment:
19:00 Hrs--IST--11th Aug 2016--Gold Turned from 1346$ as expected . just above 1344$ -key Level.
Trade active:
08:45 Hrs--IST--13th Aug2016--As Gold failed to go beyond 1365$- which was the key for upside rally...Gold had a severe fall from 1362.5$- A clue -why I am strong now for time being going with primary blue wave count & finished A-B-C in 2nd wave at 1362.5$...So, now this fall likely will retrace in the zone 1345-1350$..Putting a stop above 1365$- Look to sell Gold..for targets below 1335$. Regards, Abhishek

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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