Gold could move sharply down in 3rd wave once it slips below 1347$ & later going below 1340$-shall put more pressure. We shall look for an equality target of 1325-1330$ first below 1340$ as support zone - likely it should travel atleast that much but usually 3rd waves travel 161.8%-of 1st waves -which comes in the zone 1305$-1310$.
Regards,
Abhishek H.Singh,CMT
Follow up for previous update- Gold-Looking to slip below 1347$ to 1325-1330$. Has been modified to 1350$ & below- Now If Gold slips below 1350$ & break of trendline can trigger selling in gold- shall take to 1340$ first where gold shall look for temporary support going below 1340$-It shall open up for 1325$ to 1330$.
Regards,
Abhishek H.Singh,CMT
Current Price-1350$
Gold falls from key level of 1365$. Session High was 1364.3$. As per previous update - "Gold-Bang on. for the bounce back"- we had a stop of 1365$ & above for shorts. Look at the fall- just went very close to 1365$ & slipped.
Going Below 1340$- Gold will face more downside pressure.
Regards,
Abhishek H.Singh,CMT
As per previous update..."Gold-How it can fool."- 08:45 Hrs Update on 13th Aug 2016 - It was updated that I am taking my primary count as blue waves as shown 1-2.
We are expecting a bounce in the zone 1345-1350$. Recent Bounce was 1349$. Currently Trading at 1347$. We shall look for this bounce as selling opportunity with a stop above 1365$.
Trading Strategy -...
Alternate Call-- - How Gold can fool market partcipants & start jumping above 1365$........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$--Gold has moved impulsively-wave -i (orange) & shall correct in wave-ii...
Current rate-1352$
21:05 Hrs--10th Aug 2016
Gold had an impulsive fall from 1364 $ recent swing high...we shall look for a bounce in the zone 1355--1360 $ Zone...Do not Hurry ...let it first come in that zone & any hint of slipping down shall be the step to take short in gold with recent high as stop.
recent session low -1348$ --fall from top 1364$...
...
01:00 Hrs--IST--10th Aug 2016- --Gold Currently trading at 1346$--very close to 38.2% retracement of the fall from 1371.5 to 1335 $--Wave -1..........(20 $--Trade)
Wave 2--Bounce was expected from 1335$ to 1348--1352$ --which is also done (10-15$ --Trade)
This Wave 2- could be partial wave --I mean to say --I will take this as Wave-W....so........
Trading...
Bang On...As per previous update---"Gold Futures--Looking to Melt...first push & Fall below 1355$".....in comment section...18:00 Hrs IST--8th Aug 2016----Gold Makes a low 1335$...we were looking for a bounce ---We got it....Gold Made a new session since yesterday at 1348.50$....which 38.2% retracement of the current fall...Once It starts going below 1340$---we...
Vow....Gold ....Below the channel break & 1355$ ...Look...Gold ...started melting....1335$ is the current rate & we got a fall of 20$....
Regards,
Abhishek H.Singh, CMT
(L-S---Long First & Later Short)
1377.5 is the key level--from that top I have counted wave -1 & we are moving back to same level (current price-1367 $)...
Currently, there is sideways movement..if recent swing high@1371.5$ is taken out - Gold will travel close to key level 1377$ - but make sure it should not go above 1377.5$ -otherwise its a violation of...
