Whether you prefer your ABCs or 123s, both steer me to see a short-term rally in Gold:
ABCDE marks the second dip as D on the 15th Feb, in which case E was the end, and now we are in the middle of the correction/collapse. A pullback should follow.
If you think 15th doesn't count (too shallow) then we are in the second dip, or 4. In which case the final rally/leg up is yet to happen.
I think its a correction (ABCDE), because unlike a pullback (1234), its ploughed through the support at D, making a lower low. Either way, it tells me to enter Long.
Why enter now? Aggressive entry means buying against the trend to pick the perfect entry point- high reward, but high risk too. Buying when the RSI is at this extreme tells me aggressive selling has occurred and is -possibly- over. With 1200 as (I perceive) a natural psychological support, it forms by entry basis.
Buy with stop at 1170, hold for the next 10 days.
ABCDE marks the second dip as D on the 15th Feb, in which case E was the end, and now we are in the middle of the correction/collapse. A pullback should follow.
If you think 15th doesn't count (too shallow) then we are in the second dip, or 4. In which case the final rally/leg up is yet to happen.
I think its a correction (ABCDE), because unlike a pullback (1234), its ploughed through the support at D, making a lower low. Either way, it tells me to enter Long.
Why enter now? Aggressive entry means buying against the trend to pick the perfect entry point- high reward, but high risk too. Buying when the RSI is at this extreme tells me aggressive selling has occurred and is -possibly- over. With 1200 as (I perceive) a natural psychological support, it forms by entry basis.
Buy with stop at 1170, hold for the next 10 days.
Note
And there it is!Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.