Week's plan in Gold using EW and Fib (long then short then long)
I have two plans (bull and bear) but trying to work them both out separately but comparing them to other instruments I'm watching (US Indexes and Oil) make one less likely at the moment.
If Gold is still bull long-term then this plan would be valid. We are finishing the last leg of the impulse wave (v) before it begins to correct. How low? No lower than the start somewhere around 1302 but here is where I'll be watching:
After this, again as long as everything here is valid, we'll see new highs making the 1400 and 1500 chasers very happy. I'm no perma-(bull/bear), I just trade what I see as it unfolds and try to keep a plan based on a bigger picture for the time it happens.
Good luck, let me know your thoughts.
If Gold is still bull long-term then this plan would be valid. We are finishing the last leg of the impulse wave (v) before it begins to correct. How low? No lower than the start somewhere around 1302 but here is where I'll be watching:
- .382 at 1320
.618 at 1313
.786 at 1308
After this, again as long as everything here is valid, we'll see new highs making the 1400 and 1500 chasers very happy. I'm no perma-(bull/bear), I just trade what I see as it unfolds and try to keep a plan based on a bigger picture for the time it happens.
Good luck, let me know your thoughts.
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Just wrapping up last wave 5. Here you see it broken down more into it's Minuette.
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Changing some counting as we move through the day. Looking like we'll complete B corrective around 1331 before C down much lower but not below 1303. Then, it's up if we don't break lower.
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See new chart further broken down:
