Hi Traders,
For the last 2.5 years I repeated that Gold (now at 1076) was going to bottom down in the area 1032-1044. It actually touched the support at 1046 on Dec 03 and finally reversed a downtrend lasting since Sept 06, 2011.
If this analysis is correct we just started a new major uptrend that should take it to the area at 1520-1530.
NOTE: The Elliott Wave Analysts usually work on a possible alternative waves count. It's worth noting that both configurations point upwards, although the secondary target is limited to level 1307.
CLOSE RANGE TARGETS:
a) 1098
b) 1129
c) 1170
LONG RANGE TARGETS:
a) 1322-1334
b) 1431
c) 1520-1530
ELLIOTT WAVES
The monthly and weekly charts display the lowest low at 1046 i.e. very close to the suggested target area at 1044-1032. Note the blue lines (targets) in both charts.
The daily chart shows the very end of the 4 years trend (51 months). The 4-hour and 1-hour charts display a possible entry point at 1069.50 (blue line).
Weekly chart, click to enlarge
Daily chart, click to enlargeFor the last 2.5 years I repeated that Gold (now at 1076) was going to bottom down in the area 1032-1044. It actually touched the support at 1046 on Dec 03 and finally reversed a downtrend lasting since Sept 06, 2011.
If this analysis is correct we just started a new major uptrend that should take it to the area at 1520-1530.
NOTE: The Elliott Wave Analysts usually work on a possible alternative waves count. It's worth noting that both configurations point upwards, although the secondary target is limited to level 1307.
CLOSE RANGE TARGETS:
a) 1098
b) 1129
c) 1170
LONG RANGE TARGETS:
a) 1322-1334
b) 1431
c) 1520-1530
ELLIOTT WAVES
The monthly and weekly charts display the lowest low at 1046 i.e. very close to the suggested target area at 1044-1032. Note the blue lines (targets) in both charts.
The daily chart shows the very end of the 4 years trend (51 months). The 4-hour and 1-hour charts display a possible entry point at 1069.50 (blue line).
Monthly chart, click to enlarge
Weekly chart, click to enlarge
4-hour chart, click to enlarge
1-hour chart, click to enlarge
No comments:
Post a Comment
Hi Traders. Tell me if you agree or (politely) disagree.
Note: only a member of this blog may post a comment.