I'm looking for a consolidation followed by a Buy opportunity for gold.
First have a look at the bigger picture for context. I'm looking for a long term bottom but there is still a serious probability that this long term bottom isn't in place yet.
I've counted the current move on the 4hr chart as an A-B-C where wave C is currently in progress. We have to keep in mind that in case Gold really decides to take off this will most likely change into a 1-2, 1-2-3 pattern where the move started with an extension (A-B ). However that is too soon to tell and not relevant for the next possible trading opportunity.
I'm looking for a consolidation as shown by means of the 'bear-flag' /'channel'. (this is only an indication).
I will look to buy the next impulse to test the upper long term trend line (black).
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
First have a look at the bigger picture for context. I'm looking for a long term bottom but there is still a serious probability that this long term bottom isn't in place yet.
I've counted the current move on the 4hr chart as an A-B-C where wave C is currently in progress. We have to keep in mind that in case Gold really decides to take off this will most likely change into a 1-2, 1-2-3 pattern where the move started with an extension (A-B ). However that is too soon to tell and not relevant for the next possible trading opportunity.
I'm looking for a consolidation as shown by means of the 'bear-flag' /'channel'. (this is only an indication).
I will look to buy the next impulse to test the upper long term trend line (black).
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
