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  • #12,461
  • Jul 27, 2014 6:43pm Jul 27, 2014 6:43pm
Hope it does pull back but it's looking like it's going to break out higher
  • #12,462
  • Jul 27, 2014 6:43pm Jul 27, 2014 6:43pm
Quoting jadidi
In the chart below you can see the gold in a time of 4 hours It seems that after completing a corrective structure A 5 Impulse up the Wave 1 and Wave 2 will be completed in the near vicinity of $ 1311 to $ 1300 Positive divergence is macd also evident Later we will talk about the goals of the third wave Your friendly- esmaeel jadidi {image}
I like the count here as well, it's what I see too. bullish.
  • #12,463
  • Jul 27, 2014 6:47pm Jul 27, 2014 6:47pm
gold now is 1306.6,made low 1304.16,its a minor daily support,but i think it can be the low of the day....my tp 1316 if im here so i can buy it again,if im leaving my pc will change it to 1319.5 , last res. on daily 1324.80, so im having big buy stop at 1329 for today but a lower number for tommorow,
  • #12,464
  • Jul 27, 2014 6:48pm Jul 27, 2014 6:48pm
Quoting wafiqsalameh
gold now is 1306.6,made low 1304.16,its a minor daily support,but i think it can be the low of the day....my tp 1316 if im here so i can buy it again,if im leaving my pc will change it to 1319.5 , last res. on daily 1324.80, so im having big buy stop at 1329 for today but a lower number for tommorow,

Wheres your stop loss
  • #12,465
  • Edited 7:01pm Jul 27, 2014 6:49pm | Edited 7:01pm
Quoting bayfisherman
{quote} I like the count here as well, it's what I see too. bullish.

I have a missed abcd or zig zag on the first attempt; and we going into double zigzag territory which at a break of 1311 or 1312 can take price higher to the 1320-1330 range (X) and then come back down again... based on the hourly!

To me this is a definite zig zag to now double zig zag correction... the 61.8 retracement on B is too telling and it obviously missed its target and it is heading up again to x...

what are your thoughts? always good to have an alternate count...
  • #12,466
  • Jul 27, 2014 6:53pm Jul 27, 2014 6:53pm
Took a look at jadidi's chart... I have the same impulse count (on the first impulse wave); but I see (the larger correction as a missed zigzag which should become a double zigzag...)his c (i) should end in the the range of B and that is perhaps going to be marked as x; after which the 2nd zig zag will start taking price lower...
  • #12,467
  • Jul 27, 2014 6:59pm Jul 27, 2014 6:59pm
Quoting Ck87
{quote} Wheres your stop loss
every 4h is different,now its 1292.97 , next 4 hr 1294.67 and then the number will pick up faster, i know my stop is far but usually the price doesnt go there in a senario we at , any dip down is a cheaper gold to buy
  • #12,468
  • Jul 27, 2014 7:04pm Jul 27, 2014 7:04pm
Quoting waleed.khan
{quote} I have a missed abcd or zig zag on the first attempt; and we going into double zigzag territory which at a break of 1311 or 1312 can take price higher to the 1320-1330 range (X) and then come back down again... based on the hourly! To me this is a definite zig zag to now double zig zag correction... the 61.8 retracement on B is too telling and it obviously missed its target and it is heading up again to x... what are your thoughts? always good to have an alternate count...
Nah this is a short term bearish movement that got interrupted based on friday's fundamentals.
It'll pick up today or tomorrow
I'm going to plan entry point for a buy though i'm thinking 1264 on wednesday if we get there but if we don't 1280 will be my 1st target
  • #12,469
  • Jul 27, 2014 7:07pm Jul 27, 2014 7:07pm
Quoting Windstrown
{quote} Nah this is a short term bearish movement that got interrupted based on friday's fundamentals. It'll pick up today or tomorrow I'm going to plan entry point for a buy though i'm thinking 1264 on wednesday if we get there but if we don't 1280 will be my 1st target

Agreed I'm still in the bearish camp... we are still in corrective mode; this is only an extension; but this extension could take us slightly higher if it breaks 1311.

the zigzag should end in the 1250-70 range
  • #12,470
  • Jul 27, 2014 7:10pm Jul 27, 2014 7:10pm
lets see how will react to 1305.35 from the one hour chart,now 1305.75
  • #12,471
  • Jul 27, 2014 7:10pm Jul 27, 2014 7:10pm
Quoting Windstrown
{quote} Nah this is a short term bearish movement that got interrupted based on friday's fundamentals. It'll pick up today or tomorrow I'm going to plan entry point for a buy though i'm thinking 1264 on wednesday if we get there but if we don't 1280 will be my 1st target
I've been thinking we get to 1280 since we got to 1330……. now I'm starting to think we'll go lower than that… maybe even lower than 1240. But that would probably take more time
  • #12,472
  • Jul 27, 2014 7:16pm Jul 27, 2014 7:16pm
Quoting Ck87
{quote} I've been thinking we get to 1280 since we got to 1330……. now I'm starting to think we'll go lower than that… maybe even lower than 1240. But that would probably take more time
Very possible; but as per elliott wave rules and assuming that this is the corrective wave of a larger bull run; price must not take out the start of the first wave 1240 level... If that breaks this entire bullish run was wrong and gold would become much more bearish....
  • #12,473
  • Jul 27, 2014 7:16pm Jul 27, 2014 7:16pm
1304.62 will make the middle right on it , the high here 1306.07
  • #12,474
  • Jul 27, 2014 7:18pm Jul 27, 2014 7:18pm
well i had the trend line defined excluding risk events like the war tensions etc, the thing is with gold contracts expiring yesterday, and august being the multi contract month we don't have much time left to get a good entry point.. so this needs to crash asap ahaha

If the weekly candle doesnt form a lower low this week i'm all in buy thats it for now in my opinion. I'm afraid this can still tur bullish before i enter and i really don't want to miss the window
  • #12,475
  • Jul 27, 2014 7:19pm Jul 27, 2014 7:19pm
bought a little more here
  • #12,476
  • Jul 27, 2014 7:30pm Jul 27, 2014 7:30pm
Quoting wafiqsalameh
bought a little more here
I hope you have a tight stop, I am having difficulties believing Gold will rise form here unless you are planning to scalp
"The Market is Not Evil, it Simply Separates Dumb People From Their Money."
  • #12,477
  • Jul 27, 2014 7:40pm Jul 27, 2014 7:40pm
gold became bearish on daily bases on july 14th,since then gold never tested the daily resistance which is 1324.80 for today,and 1319.5 for tommorow if gold makes high today 1319.5,meaning res. for tommorow will be a lower number if gold doesnt reach 1319.5 today, im just bullish to do the test,im going with them to test,at that point im bearish with a little stop and buy stop
  • #12,478
  • Jul 27, 2014 8:23pm Jul 27, 2014 8:23pm
buying somemore here @ 1303.9
  • #12,479
  • Jul 27, 2014 8:32pm Jul 27, 2014 8:32pm
Quoting waleed.khan
{quote} I have a missed abcd or zig zag on the first attempt; and we going into double zigzag territory which at a break of 1311 or 1312 can take price higher to the 1320-1330 range (X) and then come back down again... based on the hourly! To me this is a definite zig zag to now double zig zag correction... the 61.8 retracement on B is too telling and it obviously missed its target and it is heading up again to x... what are your thoughts? always good to have an alternate count...
To me this seems like a possible 2nd corrective zig zag wave; where B was a perfect 61.8 retracement which set up for a zigzag AB=CD pattern, but on friday price reversed on C point; which disallowed the zig zag to complete.

Whenever a zig zag target misses; there is always a possibility of a double zigzag to be formed hence I am drawing this chart with an
expectation to see a bullish X lag which should end somewhere in the vicinity/range of B; after which a double Zig zag pattern should resume
and stay in line with the current bearish view.

However if the top of B gets taken out or if we don't see an A wave below C(w) then this count is invalidated and it could be safe to assume that a bullish wave has begun.
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  • #12,480
  • Jul 27, 2014 8:32pm Jul 27, 2014 8:32pm
1303.72 touched once. if it breaks its going to look for the 1300.62 level. excpecting some resistence there
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