Omegadear27

Omegadear27

I’m no expert on the matter, but I find it odd that ever since the U.S government removed itself from the Breton Wood System (August 15, 1971), Gold has nearly outperformed the indexes. Banks, Advisors, and the finance world in general have convinced the general public to never bet against the U.S dollar. “On average, the S&P returns 8-10%, it’s safe.” Etc. But...

Omegadear27

Weekly time frame - anticipating a continuation of bullish momentum 4 hour - Anticipating a pullback to the Golden area before continuation bullish ***In order to understand Elliott Wave theory, you must know the rules!!! I advise reading/studying Elliott Wave Principle by Frost & Pretcher to understand the concept***

Omegadear27

My previous counts weren't perfect, but I was right about the formation of a Bullish Diagonal. Wave 4 (Red) concluded slightly above wave 2 (previous post), meaning the count is valid. This is wave 5. We still have time to ride with the bulls

Omegadear27

I believe we are currently on wave 2 (blue) of an overall diagonal . - The initial Wave A retracement was a zigzag (Green). - Now, I believe we are looking at a triangle forming as Wave B. This satisfies the rule of alternation. INVALID : if price falls below 1903.5, surpassing Wave A (orange)

Omegadear27

I am confident that we are just on the retracing Wave 2 of the falling diagonal. If price retraces bullish, past Wave B (Black), then the count becomes invalid . The same rules apply if price falls bearish too far, past our previous Wave 2 (Red). The count becomes invalid . I am still working on a lower time frame count for the retracing Wave 2 (Blue)

Omegadear27

Personally, I am at a place where I understand the bigger picture of Gold. However, I am still practicing my lower time frame work when it comes to EWP. I've come to the conclusion that the 4th wave retracement is over. Price has now transitioned to the 5th and final wave of the overall Diagonal. I aim to have a lower time frame count by the end of the week. I'm...

Omegadear27

With news creating a strong Motive to the upside this morning, I had to re-think my count. This was not the kind of market movement I was expecting. I am in the business of making money, not in the business of being "right". Too much pride is a 0-sum game. The overall diagonal that began in November '22 is still accurate. However, the Diagonal has not concluded...

Omegadear27 Updated 

"Gold, historically speaking, is one of the anchors of economic life, with a sound record of achievement. It has nothing more to offer the world than discipline." - Elliott Wave Principle by Frost and Pretcher EWP is considered flawed, due to it's subjective nature. I disagree. However, I am not here to sway opinions. Here is my count. I believe that price is...

Omegadear27

Building off my previous post... Sometimes things are simpler than we think . - Last week I identified Wave B (Blue), prior to the retracing Wave C (Black), too early! - I had been wrestling with the idea all weekend. From my experience, the recent count didn't look 100% correct. It took me until market open, a few hours ago, to realize that price wasn't...

Omegadear27

Building off my previous post... I identified a wave count too early on the lower timeframe. However, the idea of a retracing diagonal remains the same. Market is still forming Wave 1 of the overall Wave C (Blue) diagonal. The rule of alternation is being satisfied in Wave 1 of the diagonal, as the first motive (Green A) was a zigzag. In order for ...

Omegadear27 Updated 

I am anticipating this retracement to form a diagonal, then push back to the downside. - Typically we'll see an explosive Wave 1, with subsequent Waves 3 and 5 becoming shorter. - It is IMPERATIVE that wave 3 is not the shortest of Wave 1, 3 & 5. If that is the case, the count is wrong. - It's early, but it's worth noting that wave 5 could truncate (conclude...

Omegadear27

Please reference my previous Monthly and Weekly count in order to understand where I am. It is stated in EWP that all C waves of corrective ABC structure are Motive Waves . However, it is impossible to anticipate whether the motive will be an Impulse or a Diagonal. In my experience I have learned that MOST of the time, we can anticipate a diagonal when it comes...

Omegadear27

To understand Diagonals, you must first know the basic rules. 1. A diagonal is a 5 wave pattern 2. Each wave is made of Zig-Zag patterns 3. Unlike impulse waves, wave 4 is allowed to go into the territory of wave 1 Building from my previous post of the monthly time frame... We know that Wave 1 & 2 of Monthly structure have concluded (Blue). Price is now...