looks like south today 1321 =)
- #11,402
- Jul 11, 2014 12:21am Jul 11, 2014 12:21am
- | Commercial User | Joined Aug 2007 | 6,072 Posts
Hello World!
- #11,403
- Jul 11, 2014 12:36am Jul 11, 2014 12:36am
{quote} There are 3 ways I am seeing this wave... Your wave (5) can possibly go straight up to 1360 or 1370 level...(wave 5's in commodities are usually the largest waves) Or the 5th wave completed on 30 june... and a new wave cycle started on the 8th of july and could take us much higher... or the 5th wave is about to end and we are going in for a major abc correction to 1280-1300 level... I am more weighted to the first possibility!
Let's see where this heading after. I'm still new for this, but my personal opinion is that price could peak @1350, probably can't go further than that. Then start to major correction, perhaps going below 1300. I say Gold is already heavily overbought within several weeks, from its position on June 17th, price was @1250ish. I do expecting major correction from this between 1290-1300, then let's just hit another high.
Hopefully this wave would work...
Keep calm and go GREEN...
- #11,404
- Jul 11, 2014 12:43am Jul 11, 2014 12:43am
- | Commercial User | Joined Aug 2007 | 6,072 Posts
Hello World!
- #11,405
- Jul 11, 2014 12:50am Jul 11, 2014 12:50am
just added 4 longs @ 1337 PS: will shuffle SLs around to safeguard previous set of longs.
aim @1350, hopefully last strike before taking deep swim...
Keep calm and go GREEN...
- #11,411
- Jul 11, 2014 2:28am Jul 11, 2014 2:28am
Morning fellas
Took some loses yesterday. Even though i am sort of gold bull i tried several shorts yesterday which did not go according to plan but anyways.
What i am concerned with and i would highly appreciate your opinion is the lack of serious correction so far. That would be the sixth straight week gold is going up. On one hand i take this as a sign that we have a really strong trend north, on the other hand i think a bigger scale correction is inevitable sooner or later and find it difficult to place longs at the moment. I believe we should start monitoring S&P 500 more closely. When it starts seriously dropping, gold would skyrocket.
Took some loses yesterday. Even though i am sort of gold bull i tried several shorts yesterday which did not go according to plan but anyways.
What i am concerned with and i would highly appreciate your opinion is the lack of serious correction so far. That would be the sixth straight week gold is going up. On one hand i take this as a sign that we have a really strong trend north, on the other hand i think a bigger scale correction is inevitable sooner or later and find it difficult to place longs at the moment. I believe we should start monitoring S&P 500 more closely. When it starts seriously dropping, gold would skyrocket.
- #11,418
- Jul 11, 2014 6:56am Jul 11, 2014 6:56am
- Joined Mar 2014 | Status: Trader | 1,062 Posts
{quote} Well, you got your point. Let's see where this heading after. I'm still new for this, but my personal opinion is that price could peak @1350, probably can't go further than that. Then start to major correction, perhaps going below 1300. I say Gold is already heavily overbought within several weeks, from its position on June 17th, price was @1250ish. I do expecting major correction from this between 1290-1300, then let's just hit another high. Hopefully this wave would work...
The correction is still not over...
Even though it seems like a b and c have completed... but since the volumes are missing; this could be a sub wave of A, and now we have to look for wave b top....
There is also a possibility of an Ab=cd which will bring Price to 1328 also...
Only time will tell....
I too want a correction to 1280-1300 level; I was expecting that before we broke above 1330! which means that the 5th wave is not over, or a new wave cycle has started...
GL!
