Saturday, March 01, 2014 3:14:27 PM
Gold - continuation . . . . . . . .
This is the continuation part for the prior post, this post focuses on bullish scenario.
On 02/13 Gold price was able to close above the major resistance 1299.1 (1.236), this action gives somewhat a confirmation that the underlying wave is bullish in nature; There is a clear five wave extending impulse wave structure in the making. The sub counts are not reliable and susceptible with many iterations, in general. these subjective counting creates unnecessary mind interference, So, i skip all of them.
In essence:
(1) The critical support zone is 1315.4-1296.4 (0.236-0.382). Since the gold price may retrace deeper than 0.382 in this section of the wave, i will need to keep a mindful thought process.
(2) assume (1) holds, the mean projection for a potential high target is 1432.9 +/-. If this target transpires, in overall, it is a flat expansion with double tops, i.e, 1433.5 & 1432.9 (see chart)
(3) there is an intermediate high window (in terms of time) around the coming May, and then another high window in the juncture of August/September (Gann 360 degrees to prior high on 08/28/2013). Be cautious, the high target 1432.9 does not necessarily takes place in the second time window.
(4) While there are possibilities to see even more bullish targets, I keep all these discussions as a wishful perception, Market makes the final verdict.
(5) Do you own Due Diligence
data downloaded from http://www.investing.com/commodities/gold-historical-data
This is the continuation part for the prior post, this post focuses on bullish scenario.
On 02/13 Gold price was able to close above the major resistance 1299.1 (1.236), this action gives somewhat a confirmation that the underlying wave is bullish in nature; There is a clear five wave extending impulse wave structure in the making. The sub counts are not reliable and susceptible with many iterations, in general. these subjective counting creates unnecessary mind interference, So, i skip all of them.
In essence:
(1) The critical support zone is 1315.4-1296.4 (0.236-0.382). Since the gold price may retrace deeper than 0.382 in this section of the wave, i will need to keep a mindful thought process.
(2) assume (1) holds, the mean projection for a potential high target is 1432.9 +/-. If this target transpires, in overall, it is a flat expansion with double tops, i.e, 1433.5 & 1432.9 (see chart)
(3) there is an intermediate high window (in terms of time) around the coming May, and then another high window in the juncture of August/September (Gann 360 degrees to prior high on 08/28/2013). Be cautious, the high target 1432.9 does not necessarily takes place in the second time window.
(4) While there are possibilities to see even more bullish targets, I keep all these discussions as a wishful perception, Market makes the final verdict.
(5) Do you own Due Diligence
data downloaded from http://www.investing.com/commodities/gold-historical-data
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