Disliked{quote} Hello Mr G. Your thoughts.? I am seeing Gold has completed a series of 5 wave & ABC patterns to end at a double bottom. I know one should not call bottoms' & tops without confirmation, but this does look feasible. {image}Ignored
sorry I don't know much about EW
but looking at daily you can see since nov 2014 that everytime it hits bottom it bounces to a minimum of that magic 1200
you can also see two hs that will bring prices well below 1100 and 9xx.
if you also fib from monthly perspective price 252-1920 then you can see 50%=1082, 38%=898 and 23%=646
if you remember the gold market started to parabolic with the great financial crisis....and remember that is where we are about before it melted lower then took off.
just place financial disaster news on your charts and you'll see what I mean....
so after usa crisis started to heal we started the bearish market but in that it took several fluctuations of price 15xx-18xx before breaking out lower.
keeping in mind the start of usd weekness from 2001-2012 and the start of usd repair.....with yellen yupping about IR hike and carney the same we see that gold is dropping. why is gold dropping? well gold is still being seen as a safe haven and with usd being strong then investors are diverting their funds to other means.
that's some what fundie point of view
but the technical is fib bottom to top.
imo Greece is still in until they cant suck euro from giving them more money
middle east is trying to get as much as they can from oil and dropping the price to kill competitors
in conclusion usd is king until they are not, so follow usa news and trade on that...
G
Wooooohooooo or Boooooohooooo