GOLD - HISTORICAL GIANT WAVES
Updated
So.. after we conducted weeks of studies with my mentor and mate leeada2016 we believe that we are in a downtrend move.
A gigantic 4th wave of retracement after the big rally up.
We have found that top with our counts and traded it in short till here: we got 2063, 2074 and 2088 as potential reversal points in the past weeks (the actual top has bounced at 2075).
If our counts are correct the wave would be falls till 1760 area in extension of the relative 5th wave that will happens.
So the next point of short would be arount 1955 - 1960 price area (after the completitions of the relative ABC correction up), to start the ride of the 5th wave.
N.B
This gigantic waves are not done yet in the up move.
According with out counts in facts we are in a gigantic 4th wave down in a Cycle that would concludes up to 2300 - 2800 after that retracement with the 5th wave.
I will update this idea with the screenshots of inner movements and trades if our counts will result correct.
A gigantic 4th wave of retracement after the big rally up.
We have found that top with our counts and traded it in short till here: we got 2063, 2074 and 2088 as potential reversal points in the past weeks (the actual top has bounced at 2075).
If our counts are correct the wave would be falls till 1760 area in extension of the relative 5th wave that will happens.
So the next point of short would be arount 1955 - 1960 price area (after the completitions of the relative ABC correction up), to start the ride of the 5th wave.
N.B
This gigantic waves are not done yet in the up move.
According with out counts in facts we are in a gigantic 4th wave down in a Cycle that would concludes up to 2300 - 2800 after that retracement with the 5th wave.
I will update this idea with the screenshots of inner movements and trades if our counts will result correct.
Trade active
Note
A potentil up move from here at the break of that blu descending TL from the TOP (a small bull flag is visibile), would be a max to to 55 - 60 area in according also with that cypher pattern and the big BLACK TL that is ia top major channel tl in wich we are come back after the first fall.Note
Note
As you can see, we are come back in that big wedge (black and red TLs). So a break up there (55-60 area) would be invalidates our counts and idea.Note
This would be the next trade for us.
Disclamair: this is not a call. Its just and idea. Use it at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.