GOLD: Still in an ABC ZigZag Correction
SUMMARY
Last month, I had blogged about GOLD and how Elliott Waves and Chart Patterns were pointing to a very nice looking zigzag correction. The below chart was used to show the abc zig zag correction. In the analysis, I had also written that the bear flag could rise higher and mark the new location for the B wave.
Here is the updated Gold chart, with correct degree of trend labels also! The red A wave has solid, nearly undeniable five subwaves making the ZigZag that much more likely. The red B wave has been repositioned to the right since the current bounce is likely to range around $1,374 and $1,579 or so. IF the smaller red C wave rises higher than red A wave, so this updated label is not yet in effect. I still remain overall bearish on GOLD and believe that the larger down C wave is still on call. Given how extended the wave 5 was; typically, the retrace is usually to prior wave 4 and often beyond!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financil or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Trying to apply TA to GOLD is useless. The market is heavily manipulated.
Hi heajin ! Wellcom to steemit . hope you pass a great enjoyable time here . this script so useefull .tnx a lot for your advise.
keep folow my introduction and upvoting me.
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Why post this junk?
Disagree on your bull count. I think we've finished wave 3 and wwe have just finished the correction of wave 4. Wave 5 will take us to higher leads.
That means instead of a 5 wave move, I would label your correction as A-B-C
Are you also expecting gold to correct to 760ish?
In my book the large correction haejin is showing is a bit ridiculous. I subscribe to some expensive newsletters including one from a guy who is a billionaire resource investor and I can tell you, going to a correction 25% lower than the bottom of the cycle at the end of 2015 is not going to happen. Inflation is on the rise and so will gold and all of the commodities.
No. I expect both of them bullish as fuck.
Nicely described,if any one have any confusion just see it carefully.You will get your answer.Thank's to@haejin for such useful post.@upvoted and resteemed
This doesn't make any sense.
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hello haejin brather my post upvote and resteem follow me
Wonderful how you describe these patterns like a peace of Art ( at least this is how it feels for me when reading this...)
You are definitely proving that analysis and creativity are not necessarily contradictive but can merge together!
Thumbs up! :)
nice
Good Analysis In My Book!
@Haejin Is Stealing In The Next 7 Days:
$ 20,488.06 ( ~ 69,260.10 USD )
( 2.909 % of total reward fund )
https://freephotoupload.com/image/1aVr