Gold moving as expected (Elliott Wave Analysis)
In my previous forecast I was expecting that the market will turn around 1260 region which is exactly what happened.
It seems that the market is now going down in a corrective structure and should face support near the 1235 to 1220 region.
I might have to make some changes to my previous counts, but that is all some technical stuff, the market is basically giving the action that I expected and that is all that matters from a trading perspective.
There are basically 2 strategies that we can use here to enter swing long positions :
1. Buy on pullback in the 1225 - 1230 region only if you see reversal.
Note the this is the high probability region and hence I'm expecting reversal here, if the reversal happens beforehand then we have to follow the 2nd strategy.
2. Buy on break of the 1260 region, basically the resistance.
Untill the market reaches the support region it is a sell on Highs for Intraday Traders.
You should view my previous posts on Gold for more clarity.
I will update further as the market progresses.
It seems that the market is now going down in a corrective structure and should face support near the 1235 to 1220 region.
I might have to make some changes to my previous counts, but that is all some technical stuff, the market is basically giving the action that I expected and that is all that matters from a trading perspective.
There are basically 2 strategies that we can use here to enter swing long positions :
1. Buy on pullback in the 1225 - 1230 region only if you see reversal.
Note the this is the high probability region and hence I'm expecting reversal here, if the reversal happens beforehand then we have to follow the 2nd strategy.
2. Buy on break of the 1260 region, basically the resistance.
Untill the market reaches the support region it is a sell on Highs for Intraday Traders.
You should view my previous posts on Gold for more clarity.
I will update further as the market progresses.
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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