The Trend Is Your Friend

The flip side of the title to this post is “don’t trade against the trend”. The fact that markets trend is why traders make profits. Price is not completely random. Price tends to move in trends. Trends are often delineated by trend lines. When price...

GOLD Elliott Wave Technical Analysis – 7th December, 2015

Upwards movement was expected but did not happen. Price remains above the invalidation point on the hourly chart. Summary: The structure of this correction is unclear. But what looks most likely is that it is not over and may end in two more days at 1,104. Or it may...

GOLD Elliott Wave Technical Analysis – 17th November, 2015

Yesterday’s hourly chart expected some more downwards movement short term and warned a new low may be seen. This is what happened. Summary: What looks most likely today is some upwards movement which may last about two days. The target is 1,101 – 1,104 in...

GOLD Elliott Wave Technical Analysis – 23rd October, 2015

Price whipsawed taking out both invalidation points and providing more confusion, not clarity. Summary: More downwards movement is likely at least for the short / mid term. The target is 1,142 to be met in two days time. A new low below 1,120.32 would be very bearish...

GOLD Elliott Wave Technical Analysis – 14th September, 2015

The Elliott wave counts still diverge and price has still not indicated which one is correct. Summary: The bear wave count expects downwards movement to continue, with an increase in momentum, and the bull wave count expects upwards movement. The critical trend line...

GOLD Elliott Wave Technical Analysis – 3rd September, 2015

Downwards movement is unfolding as expected for both Elliott wave counts. Summary: Downwards movement should continue to 1,096 for the bull wave count or 1,063 for the bear wave count. On the way down, a new low below 1,072.09 would fully invalidate the bull wave...

GOLD Elliott Wave Technical Analysis – 2nd September, 2015

Downwards movement was expected for Wednesday’s session for Gold. Today’s analysis will answer the question of whether or not price has confirmed the trend. Summary: The channel on the hourly chart is breached, but the breach is not convincing and there is...

GOLD Elliott Wave Technical Analysis – 24th August, 2015

Some downwards movement was expected for the new wave count in the short term, which is what has happened. Movement was choppy and overlapping and moved lower for Monday. Today I will expand on three different ideas for the new wave count at the weekly chart level....

GOLD Elliott Wave Technical Analysis – 13th August, 2015

The Elliott wave count as updated in yesterday’s analysis is unfolding mostly as expected. Summary: The structure for minute wave iv is still incomplete. Minute wave iv still needs one final fifth wave up to end it, and a target is now calculated at 1,134 which...