Last analysis called for a low to be in place and for members with short positions to take profits (if opened below a certain point). With upwards movement now unfolding, that advice would have seen Elliott Wave Gold members take some very good profits today.
The short term target was about 1,236. Downwards movement continued for the session as expected to reach 1,236.54.
Members are today offered very specific trading advice on how to manage existing short positions and on how to join the trend.
Downwards movement continues exactly as expected towards the Elliott wave target, and price remains below the short term invalidation point on the hourly chart.
The channel on the hourly chart is redrawn, and it should be used to indicate when this downwards wave is complete.
Downwards movement was expected as fairly likely for Monday’s session. An inside day is complete; price has mostly moved sideways. This changes the short term picture.
The classic triangle pattern is identified; a breakout may come about 73% to 75% of the triangle length (this is calculated today). Members are advised on when we may see a breakout.
A little upwards movement fits the second Elliott wave count again quite nicely. This preferred wave count expects some more sideways movement, and then a breakout from the range Gold has been contained in now for some weeks.
Volume will be relied upon strongly today to judge the next most likely direction for Gold.
Upwards movement continues as expected for this analysis.
On Balance Volume today gives an important signal that will be given reasonable weight in this analysis.
Upwards movement was expected for both Elliott wave counts. A higher high and a higher low with a green daily candlestick for the session fits expectations.
A higher high and a higher low for Thursday’s session is the definition of upwards movement. Upwards movement was what was expected.
The lower edge of the channel on the hourly charts has perfectly shown where pullbacks are finding support.
Price continued lower changing the Elliott wave count for the short term. Hourly charts today will show all movement from the last swing high on the 16th of October.
A slight new low in the last few hours changes the Elliott wave count for the short term, but not the mid or long term. This is still expected to be a B wave, which exhibits the greatest variety in structure and price behaviour.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.
In last analysis, after the close of the New York session for the 18th of October, Elliott Wave Gold members were advised to enter long with stops just below 1,260.72. Those long positions should now be profitable.
Advice is given today on how to manage positions with targets and any adjustment of stops.