AbhishekHSinghCMT

Gold- Triangle Scenario Evolving As Ending Diagonal- Wave Y

MCX:GOLD1!   GOLD FUTURES
Not a trading call

Disclaimer
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All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.

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Note - For Educational purpose only
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Market Commentary

Last Idea - Suggested It could be a triangle unfolding - Gold did best holding 50500 levels (approx) with +/- 250 points & attempting 52000 levels. "if gold holded 50500 levels then triangle scenario was still open but breaking below 50500 level- triangle scenario was negated"

https://in.tradingview.com/chart/GOLD1!/...

Later breaking 50500 levels after making high @ 52182 - now it can possibly unfold as an ending diagonal which again suggest that making a new low below 49250 - it can attempt all-time new high or similar high @ 56191

Short Term - Downside Trend - one more fall expected below 49250 holding below 50350

Long Term - Upside Bias & One more high cannot be negated. Once New low is achieved as per short term trend- close to 49000- we can expect new all times or similar high @ 56191
Comment: 21:16 Hrs / 1st Oct 2020

Last Price- 50556

Not breaking below 50000 level

Alternate Wave Count --------- ABC Wave Done at 49250 so ----crossing above 50700 - level - short term bulls become powerful & long positions will be created

Later as -----------very important confirmation - Gold has to cross above 52182 highs to confirm that - big push upside has started which can take to 53965 target & crossing above 54000 levels - it will achieve 56191 target & possibly making a new all time high above 56191

Alternate Wave Count - MCX Gold

Trade active: 6th Oct 2020-----Snapshot

Gold Pushes upside above 50690 & makes new high @ 50982 -later to drop from the highs

Trade active: 8th Oct 2020-----Snapshot

As expected drop continued downside below 50000---Key level (Holding below 50000 in next few sessions - Gold can drop as close to 49250 -previous lows)

Also, get ready for the big move upside --- once gold crosses above ---51000 level next.

Trade active: 22:50 Hrs / 8th Oct 2020

Last Price - 49956

As suggested in the morning update above - we are expecting a drop below 50000 - key level- likely it is on the way - we will wait for a good dip at least till 49250

Trade active: 17:57 Hrs / 10th Oct 2020

Last Price- 50817

Holding below 51000 -Key level, we expect a drop in wave- (v) if this unfolding as Ending diagonal / Wedge in Wave-Y

Trading Strategy
Holding below 51000 - We expect downside 50000 & later below 49900 - can expect further drop which can possibly take Gold to at least 49250 levels.

Manage your risk & trade properly. Thanks & Happy Weekend

Trade active: 19:16 Hrs / 13th Oct2020

19:12 Hrs / 13th Oct2020

Melting in Final Wave - (v) in Wave -Y

Last Price-50406

As suggested on 10th Oct2020 above-Holding Below 51000-The Drop
(What a fall) !!! - Below 51000

Trade active: 17:52 Hrs / 19th Oct2020

Last Price- 50900

We are close to resistance at 51200- Holding below 51200 - If Gold starts to drop then we look for downside target
49925
Below 49900 - 49250 as next downside target

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

Moving as per your analysis, Keep it up Sir..
+1 Reply
Thank you for updating with alternate count. If we are to count sub waves, has iii of the Up Wave started?
+1 Reply
Thank you sir..🙏
+1 Reply
Sir wouldnt it be better if you did your wave counts on Spot Gold prices traded internationally instead of Gold MCX since our market follows the international market. And MCX does not operate 23 hours a day while in reality Spot Gold trades for 23 hours everyday
Reply
@AbhishekHSinghCMT Thanks for sharing above analysis and continuous update. what's your view for this week?
Reply
AbhishekHSinghCMT Varunsriansh
@Varunsriansh, Have updated above. We are looking for wave-5 to complete downside as updated above. Once done then we expect the explosive move upside later. Thanks
+1 Reply
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