After sellers shamefully abandoned their outpost at 1765 in June, whenever a gust of risk gains some traction, buyers are able to exploit and win the battle.
Let us start by looking at the original breakup.
The difference between a protection swing and a momentum play can be seen in the following examples:
Buyers open fire on the pullback into 1500's and sellers had to let go of the barriers. All of this was only made possible because of the earlier preparation. Those hedging risk had the unpleasant task of marching back and forth to keep an eye on the support. It was done in an ABCDE sequence which was essentially a self-fulfilling army. Once the position had arisen which typifies the start of a value swing, it was a game changer:
You can see how buyers are eating sellers effortlessly. After a quick exchange, they are out the game. The point I am making is buyers are decisively in control of the flows; that is a fact. So the more distant retraces should be viewed as a gift; although the 🔑 @MEGALO1 made in the previous conversations was that they will be used sparingly. The diverting attention towards equities and the virus over the long weekend / early next week will be a prelude towards the march into $1,900 and $2,000. That in itself must be carefully prepared for.
Thanks as usual for keeping the feedback coming 👍 or 👎
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Superb moves in Gold as we reach the final stages of wave 3 in the cycle. For those holding longs from below recommended to take some chips off the table as we enter into a consolidation period into September.
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As clean as it gets...
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As we approach the highs in wave 3 a quick update to the Gold chart:
@ridethepig, Good afternoon pigrider; thanks for the honorable mention in your recent Gold charting analysis ; i feel privileged !! :-) I am a bona-fide rider of the pig train !! :-) I'll follow you down the slippery slope, but not up the slippery slope in Golds present scenario , i'll catch you on the Flip-Flop ??? As always good and fruitful trading. Megalo>
MEGALO1
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@MEGALO1, Getting lamb basted on my shorts today, still holding???