So lets look at XAUUSD. Gold appears to be in another AB=CD pattern. I overlayed the previous pattern on top of the current pattern and "voila" looks similar. The amount of time to the bottom previous is a little shorter than we are now. I suspect GOLD is near or very near the bottom. The cycle is on day 37. Gold has been lasting 33 days, so its extended. Look for higher prices from here, but don't fall in love with the trade. It may be short lived as this is NOT the ICL.
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Gartley pattern pretty perfect overlay. Id say Silver is getting close to a recovery point.
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Looks like the Gartley failed, the Shark pattern is still in play. %R is oversold I just want to see the TSI to move higher and crossover. GDX looks like its starting to base out. SOON
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4th daily cycle can't be expected to gain too much. LT for sure. WIth GDX overbought and at the 50dma the top may be close. The TSI cross is bullish, but with 4 gap up days in a row? Be carful, set stops.
This is a courageous idea in relation to what the Chartwatchers suggest " I'm waiting for a dead cat bounce as the right shoulder and a final plunge down to the intermediate low... "
For me long too and we will see.....
bhowe
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@ArtFly, Arpi is really good. I'm watching this, not buying yet. I want to see some basing first.
LetsBeMillionaire
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I liked your idea but i see gold broke the support line. You still think it will go up from here?
bhowe
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@jigneshrathod, I do expect higher prices, but Im not long yet.
For me long too and we will see.....