Rudimentary Elliott Wave Analysis for GOLD - Long Trade

This is another basic Elliott Impulse Wave pattern applied to a long-term long trade idea for Gold             . This analysis is very similar to my Siacoin Elliott Wave idea but applied to a different asset class, so I've linked that idea in case you want to check that out and compare the two. This chart is over a 15+ year period and should be treated as a long-term investment strategy. This idea will remain valid unless price crosses below the $1035 mark, which is the top of wave 1 and will invalidate the entire pattern. If you look closely at the naked chart, and I strongly encourage everyone to do so, you will see that the bottom of wave 4 comes very close to the top of wave 1. During that period, price came down to within $6 - 7 of the top of wave 1, but price did not touch that number. This is very important as often waves come very very close to being invalidated but are not. From that point, price has bounced again ans formed a higher low, suggesting the beginning of wave 5. There are many different ways to make entry and manage risk in this trade, and this time I'll leave that the discretion of the individual. Gold             price gapped up about $20 on market open Sunday evening and this is also encouraging, as the market has been recently rangebound. The $1250 mark is very significant, as this is a leverage point for mining corporations where in the COSTS of mining an ounce of gold             become profitable, and those corporations begin to mobilize their assets in the pursuit of profits, which has a self-reinforcing effect on the price of gold             . Be wary of paper gold             schemes and vehicles that involve a lack of physical or legal possession of the underlying asset. Contracts for Difference are derived from the price of the underlying asset but trade in their own markets and are thus subject to their own price movements. Happy Hunting Everyone.

Ähnliche Ideen

(Here is one for the Elliott Wave Hall of Fame) If there is such a thing.

The stock symble is "GORO" This is a very picture perfect Elliott Wave Pattern.

#1a= Look at Monthly chart.
#1b= Look at Weekly chart.
#1c= Look at Daily Chart.

#2a= Starting date: January 2016 to present.
#2b=Do you see what I see?

Other stocks to check out.

#3a= F - Starting date= 2008 low
#3b= EVC - Starting date= 2009 low
#3c= CRBP - Starting date= 2016 low
#3d= EGL - Starting date= 2016 low
#3e- PICO - Starting date = 2016 low
#3f- Nymt - Starting date = 2008 low and 2016 low

(Just some food for thought)
#4a= I like banking at Federal Credit Unions. (NOT BANKS)
#3b= Check out ( USDEBTCLOCK.ORG )
#3c= I am not a fan of ( SOCIALISM ) "PLEASE AMERICA" " LOOK at GREECE and VENEZUELA " Is this something we really want?
#3d= I belive in the rule of ( ALTERNATION )
#3e= I thing, I do not understand if "AMERICA" really wanted to protest something why dont we protest about our medical insurance. Why are we not entitled to the same insurance that our ( CONGRESSMEN and CONGRESSOMEN and SENATORS have ) What makes them better than us?
#3f= Look at "Puerto Rico" Bankrupt
#3g= Just remember one thing " MR. PRESIDENT DONALD TRUMP WILL NOT BE THE BLAME FOR WHAT EVER BAD HAPPENS HE IS JUST THE MAN IN THE WHITE HOUSE IN A VERRY BAD, BAD 20 YR. CYCLE" That will end in a few yr's (I think he is just about 8 yr's to late)
#3e= I will stop here.

I do not recomend buying or selling anything.
I am just sharing my thoughts.

I will be going back to the shadows. I hope, I have made some friends out there. Good luck and good trading.

Thanks for listening,
One Eye Jim
" Gold and the U.S. Dollar Index "

"Good Luck America U.S.A." I Think We Are Going To Need It.
"Only time will tell"

I One Eye Jim, would like to share my thoughts with you.

The U.S. Dollar Index the #1 wave count.

#1= The U.S. Dollar Index made a low in March 2008 at (70.70). I think this low started a (a-b-c Flat) bear market rally.
#1a= Wave "A" topped in March 2009 at (89.62).
#1b= Wave "B" bottomed in May 2011 at (72.70)
#1c= Wave "C" Topped in January 2017 at (103.82)
#1d= I think the January 2017 high ended the A-B-C- Flat Bear Market Rally.

#2= I think we started a new impulse wave to the downside. ( January 2017 ) We are currently in (Wave 1 of a 5 wave move to the downside)
#2a= Today 08-29-2017 the U.S. Dollar took out the low made in May 2016 at (91.92). I think this is could be very bad news for the Dollar and "America U.S.A."
#2b= The U.S. Dollar is very over sold. I think a rally will start soon (Wave 2)
#2c= First support for the dollar is (38.2% ret. of wave "C") at (91.94) This target was hit today. (8-29-17)
#2d= Second support for the dollar is (38.2% ret. of wave "A" thru wave "C") This target is (91.17)
#2e= There is one more downside target to worry about. (86.60) This is a long shot but it could happen. (WAVE 1 of 5 LOW)
#2f= If I am correct in my wave count the ( January 2017 high will not be taken out for very long, long time)
#2g= Min. downside target for a completed 5 wave move. Is below (70.70) Please believe me this is not a joke.
#2h= The U.S.Dollar could decline to the (53.50 zone before we see a major low)

#3= The only thing that will prove me wrong is the ("January 2017 high at 103.82" must be taken out)
#3a= There are other counts that are very good. I hope one of them will prove me wrong.
#3b= Mathematically I have a 66.7% plus chance of being correct.
#3e= Mathematically I have a 33.3% or less chance of being wrong. (I hope this works out to be the true ending.)

I could post more but this is good enough for the time being.
Note: I am not recomending you buy or sell anything. I am just sharing my thoughts.

Thanks for listening,

Piptocurrency jeffreyjim
@jeffreyjim, Thanks One Eye Jim! Thorough and insightful as always. May I ask how you obtained the name One Eye Jim?
jeffreyjim Piptocurrency
@Piptocurrency, In my early 20's, I was setting forms for a house foundation.( I did concrete work for 40yr's plus) a nail pinged off my hammer and got me in my right eye. I am blind in one eye. That is how I started learning about the markets. My eye doctor traded futures and stocks. It the markets interested my to no end. He told me you eather believe what you see or you don't. He told me you eather see it or you don't. He is the one who who told my about Elliott Wave. It was and is very hard work learning and understanding the markets. One of the reasons I stuck with it is because, I was told it could not be done predict a markets future. (My wife's Mom and Dad, along with many other people they think I am nuts) I thank all them very much for telling that.

That's my story and I am sticking to it,

One Eye Jim
Piptocurrency jeffreyjim
@jeffreyjim, Wow Jim, very interesting, thanks for sharing your story, hopefully it will inspire other folks to learn about and understand the power of markets and observation. I bet your net worth thanks them, too! Cheers.
Piptocurrency jeffreyjim
@jeffreyjim, is it because you are like the Eye of Sauron in the market, hunting all over Middle Earth for pips?
Wave 1 seems longer than wave 3?
@sai33628, "Seems" longer, but did you measure it??
Piptocurrency Piptocurrency
@Piptocurrency, this is a common problem of appearance, but you can never ever take the appearance at its face value. In fact, the lengths AREN'T EVEN CLOSE to being close. Waves are measured in the length of the price movement, NOT the length of time that has past. From the bottom of wave 1 to the top of wave 1 is just under 800 dollars in price movement. From the BOTTOM of wave 3 to the top of wave 3 is a movement of $1200 and change. So wave 3 is clearly the longest. All I had to do was run my cursor over the highs and lows. For close calculations, you might need a calculator, but not here. Never allow your eyes to play tricks on you, this is a business based on facts, and not appearances! Happy Hunting Everyone.
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