Geofftv1

GOLD - 3rd of 3rd wave idea uppdated.

FX:XAUUSD   Gold / US-Dollar
493 9 16
I spent considerable time reviewing my last gold             idea from May2nd in which GOLD             was possibly starting a 3rd of a 3rd wave?
The wave structure since then has been quite complex and does not show the strength normally associated with a 3rd wave. This has led me to completely look again at the whole chart
since the early 2016 bottom with the following comments:
The correction since early 2016 looks like it could be tracing out a double zig-zag with the A wave complete and the B wave taking the form of a triangle.
In this triangle the A wave is complete and the B wave is taking the form of a double zig-zag with a FLAT taking shape as the(X) wave.
If correct this means that GOLD             will drop this coming week to complete the FLAT and then rally to complete the triangle B wave.
As always comments welcome.
Good Luck.
Kommentar: Gold completed the FLAT (X) at around 1206 and has now completed wave 1 of a possible 5 wave impulse. Gold may fall back to around 1223 to test the trend line and then rise in a strong wave 3. One of the Analysts I respect and follow is forecasting strong rises for GOLD & SILVER soon and this fits with my own analysis.
Good Luck
Reaching 1300ish then short to 1190 ok?
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Geofftv1 phoe68
@phoe68, gold is in wave 3 of the A,B,C C leg to point Y now. 1300 ish is very likely but once wave 3 is complete I can estimate final targets. After this a drop should occur and again estimates for the drop will depend on the market at that time.
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Do an analysis in XAUEUR with both pairs maybe we can brig some light to the matter in the near future for gold I think XAUEUR has more potential to go up that XAUUSD
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Geofftv1 LiveProtrader
@LiveProtrader, thanks for comments,I have been learning EWAnalysis for some years and still learning!
I will take a look at XAUEUR soon.
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Thanks a lot, please if is not much to ask could you post the weekly Elliot as well from 9/2011 just for learning proposes.
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LiveProtrader LiveProtrader
Also i agree with your analysis i am currently using Seasonal patterns for long term trades and July and August ans September are mostly bullish months in gold last past 30 years, which support your analysis, 1215 is a strong monthly support, I thin it will be rejected again in that support, and this year is a complete evidence that is a flat market in gold. Good luck i will be trading with this in mind excellent work, (please if is not much to ask could you post the weekly Elliot as well from 9/2011 just for learning purposes).
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Geofftv1 LiveProtrader
@LiveProtrader, from 2011 GOLD has traced out a 5 wave impulse down to late 2015. The current correction is an A,B,C and my target is 1485 or the 50% fib retrace level.
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thanks, since 2 weeks ago i am trying to decipher the puzzle now is more clear the picture
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Thanks for update
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