Thursday, November 13, 2014

Gold Update...Still maintaining bullish correction

On 11th November,I posted an analysis on Gold here.

 I wrote about the end of the first impulsive move that broke the long term weekly     ( wave 4 ) corrective triangle. I labelled this impulsive move on the intraday chart as the first wave of wave 5 ( to complete the long term bearish trend).

Gold reacted to the end of the impulsive move and look ready for the correction properly. 

Presently, price is consolidating in a triangle corrective pattern and if it manages to break out of it, we should see further intra day rally for another 300pips before the bearish trend continues. 

A break below this triangle will call for an alternative count. We should be ready to flow with the price and with what help can we do that better?....If not elliot wave analysis.

I will keep an update as price advances

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