Gold...and those Crabs
Updated
Harmonically at least, Gold appears to be operating under two crab harmonic patterns.
The longer pattern, in place since the peak on March 8th 2022, has hit its target 1.
The shorter Deep Crab Pattern has hit targets 1 and 2.
In the short term, it would not be unreasonable for Gold to retreat back to the late September low.
A solid bottom here should trigger a retest of the original targets and perhaps more follow-through.
As confirmation, I would want the stochastic indicator to head down the 25 level and reverse.
Assuming a position my stop would be just under $1600.
So I am waiting for sub $1620 and then I will take a hard look at a long position.
This is not investment advice and so your own due diligence.
S.
The longer pattern, in place since the peak on March 8th 2022, has hit its target 1.
The shorter Deep Crab Pattern has hit targets 1 and 2.
In the short term, it would not be unreasonable for Gold to retreat back to the late September low.
A solid bottom here should trigger a retest of the original targets and perhaps more follow-through.
As confirmation, I would want the stochastic indicator to head down the 25 level and reverse.
Assuming a position my stop would be just under $1600.
So I am waiting for sub $1620 and then I will take a hard look at a long position.
This is not investment advice and so your own due diligence.
S.
Note
Not sure why the original failed to show.. I have added an ABCD transposed above.Note
Getting closer...Note
Well we got sub 1620 (1617) giving us a chance to enter. First resistance was the 1642 are and now its 1657. Stop raised to 1625 ensuring a profit for our efforts.
Note
A frustrating trade... a close below $1660 on Monday will mark the 7th straight month of lower closes... not a great sign considering recent DXY and TNX retreats... remember the Fed will almost certainly hike rates on N0v. 2nd. Midterms fast approaching... stay nimble and defend your positions.
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