1377.5 is the key level--from that top I have counted wave -1 & we are moving back to same level (current price-1367 $)...
Currently, there is sideways movement..if recent swing high@1371.5$ is taken out - Gold will travel close to key level 1377$ - but make sure it should not go above 1377.5$ -otherwise its a violation of elliott wave rules...(2nd wave cannot retrace more than 1st wave)--Incase that happens --I will switch to alternate count as A?---B?(shown in blue)...Then also we will expect C? wave down once the rising trendline gets broken.
Trading Strategy 1-- Look for a push above 1371.5$ ---close to 1377.5$ but not above 1377.5$ otherwise alternate count gets active...
Trading Strategy 2-- Once Rising Trendline gets broken & Gold starts moving below 1355$---look for C-Wave Down or 3rd Wave....In both scenario--Gold will be bearish once going below 1355$....
Regards, Abhishek H.Singh,CMT
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23:59 Hrs--IST--5th Aug2016--- Gold is currently Trading at 1338....MCX Gold & Silver both have crashed...Regards, Abhishek
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15:15 Hrs--IST--8th Aug 2016--- Crash Crash ....1335$ ...Awesome Fall from 1355$...20$ Down...........Take the Baby MCX with you.....
Regards, Abhishek H.Singh, CMT
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18:00 Hrs--IST--8th Aug 2016-- Current Low@1335.30 is the pause & possible bounce back to the zone 1346--1352 $ as retracement before it falls again... Current Price--1341.5...Regards, Abhishek