Gold's WolfeWave Pattern

[suriNotes]

Gold's Wolfe Wave and Channel update...

Regards,
Suri

 

[suriNotes]

Thanks lolatBushites for your kind words...

Here is the basic analysis of the previous chart. In order for Gold to rally, first it may test prior consolidation/breakout area for support (confluence with 200SMA, Wolfe Wave Origin1 level of 862 marked on the chart). This level is also near 50% retracement of the prior move from 686-1007.

$XAU (chart posted in this thread) also reversed from 200SMA. Original target for $XAU is around 150.

If these levels (850-860) hold, I think Gold may trade higher.

Regards,
Suri

Quote from lolatBushites:

Suri. Much respect. You do awesome work.

Any thoughts on Gold long term? 500 before 1500?

 

[elovemer]

.... got a 38% for a lower high

Quote from elovemer:
.... looking for a lower high on daily chart....

 

[elovemer]

.....re-tested 38%

Quote from elovemer:
.... got a 38% for a lower high

 

[suriNotes]

Gold WolfeWave update...
See 200 SMA and WW origin level for potential support?

Regards,
Suri

 

[Karla.F]

isn't it an ABC correction too? at least the target area?

best karla

 

[suriNotes]

hi karla,

here is the current ABC Pattern ...
see 200SMA also.

regards,
suri

Quote from Karla.F:

isn't it an ABC correction too? at least the target area?

best karla

 

[suriNotes]

Prior ABC Pattern from Feb. 20, 2009

Regards,
Suri

 

[Karla.F]

hi suri,

no i thought about an ABC pattern from 20.2.09 -10.3.09 - 19.3.09

target should be around 200ma.

best
karla

 

[suriNotes]

hi karla,

here is ABC Bearish pattern..

regards,
suri

Quote from Karla.F:

hi suri,

no i thought about an ABC pattern from 20.2.09 -10.3.09 - 19.3.09

target should be around 200ma.

best
karla