123Tom's TA study group

[123tom]

Heres what I mean about finding different targets in the pattern.

This is just looking at a Fibonacci/Elliott wave pattern and how it projects to targets.
Fibonacci target measurements



In the latest pattern from the bottom,you can see 3 different 'bottoms' to measure from. I measure them all.
The technique is to start by measuring the first rally bounce,thats the 'wave 1'
See the first rally bounce from 1167 peaked at 1220. That measurement projects a Finish wave target around 1300 area. with a Wave 3/wave C target zone around 1250-1270 area. What that means is that IF the resistance is strong around the 200ma area 1260 area, then the rally could get stopped and capped right there and begin a downwave/pullback. This 1260 area becomes a resistance zone to watch out for.
A bullish rally would be looking to reach 1300 area as a finished rally wave.
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The 2nd bottom point to measure from is the 1184 pivot low. Using the same formula, measure the first rally bounce from 1184 to 1212,which project a finish rally around 1258 area. The actual rally only reached 1246, but this also looks like a completed 5 wave rally. and in a larger fractal wave,it looks like the one to measure again. meaning, that whole rally from 1184 to 1246 as a larger Wave 1, gets measured with the same formula and projects a finish wave target around 1345.
But,before it gets there ,it creates an energetic target zone around 1258 area. and when you see so many math targets right there 1260 area, it becomes a key target zone to watch out for now. and it would be marked as a Wave 3/Wave C finish area. and resistance could kick in right there at the 200ma. Gold is not out of the woods yet .

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The 3rd pivot low to measure from is the 1196 which bounced to 1230 and then pulled back. That measurement projects a finish target area around 1284, and you can also see there is another Fib line there as well, so 1280 area is a key resistance target zone.
1260-1285 is a key 'Wave C' resistance target zone to watch .but also becomes a Wave 3 target for that larger rally to 1345. so the larger rally potential is equally in play here. Resistance capping at 1280 that gets taken down to retest 1225 again, or else support holding at 1250 /1260 area that rallies to 1300 and maybe on to 1340. as a bullish rally.

So now you see the 200ma just overhead around 1260.something to watch for as resistance. and the weekly chart has the 50 ma in that area as well. previous pivot peak at 1270 also becomes a shoulder zone for capping.

These Fibonacci math measurements are suggesting that the Bottom has been developed ,with higher lows ,and now breaking thru the 1230/1240 resistance,reaches the 1250/1260 resistance which technically "should" pose greater danger for capping.

IF the cartel intends to allow a stronger rally thru this resistance area, we should see the support steps around 1230/1240 holding, and the rally should climb to target 1270-1285 area where it should meet stronger resistance again. This 1270 area looks to me like a key balance point on this chart, and IF the Cartel doesn't want Gold to become really bullish, they will need to start capping it at this 1275 area.
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In this rally pattern from the 1170 bottom zone to the 1270 resistance zone, the real battle is about to begin, at this resistance zone 1260-1280 area. The bullish target zone is 1300-1345


We should see soon enough what the Cartel intends to do with Gold when it hits this resistance overhead as 2018 winds down to finish the year.

In the current rally picture, the key is to watch for resistance overhead now, at the 200ma and around 1270/1280 area to get capped and taken back down
pr else
the rally if its allowed, should be targeting 1300 and on toward 1340 area. to become a completed rally wave