Gold(GC1!)- Moving Above 1335$ was warning sign for Elliottician

26 באוג׳ 2016

Apologies, had issues with my computer-

From Dec-2015 Lows@1045 - Gold could be forming An A-B-C Structure (Red Color). Red B-Wave looks like taking shape of Triangle (In Triangle we have orange waves A-B-C-D?-E?). Currently we are running in Orange D?-Wave of Triangle B(Red Wave).

Trading Strategy- We are short from close to 1365$ & Put up a low@1321$. In recent price action, there sharp move down till 1321.8$ but failed to take out 1321$-Low that means possibly it is putting a low in C? Wave (Orange) at 1321$. Going above 1335$ -which it has already done once -we should be cautious & ready for an up move in the zone 1360-1365$ where it will get resistance of falling trendline -which should end the D?-Wave.

Regards,
Abhishek H.Singh, CMT