1377.5 is the key level--from that top I have counted wave -1 & we are moving back to same level (current price-1367 $)...
Currently, there is sideways movement..if recent swing high@1371.5$ is taken out - Gold will travel close key level 1377$ - but make sure it should not go above 1377.5$ -otherwise its a violation of elliott wave rules...(2nd wave cannot retrace more than 1st wave)--Incase that happens --I will switch to alternate count as A?---B?(shown in blue)...Then also we will expect C? wave down once the rising trendline gets broken.
Trading Strategy 1-- Look for a push above 1371.5$ ---close to 1377.5$ but not above 1377.5$ otherwise alternate count gets active...
Trading Strategy 2-- Once Rising Trendline gets broken & Gold starts moving below 1355$---look for C-Wave Down or 3rd Wave....In both scenario--Gold will be bearish once going below 1355$....
Regards,
Abhishek H.Singh,CMT
Currently, there is sideways movement..if recent swing high@1371.5$ is taken out - Gold will travel close key level 1377$ - but make sure it should not go above 1377.5$ -otherwise its a violation of elliott wave rules...(2nd wave cannot retrace more than 1st wave)--Incase that happens --I will switch to alternate count as A?---B?(shown in blue)...Then also we will expect C? wave down once the rising trendline gets broken.
Trading Strategy 1-- Look for a push above 1371.5$ ---close to 1377.5$ but not above 1377.5$ otherwise alternate count gets active...
Trading Strategy 2-- Once Rising Trendline gets broken & Gold starts moving below 1355$---look for C-Wave Down or 3rd Wave....In both scenario--Gold will be bearish once going below 1355$....
Regards,
Abhishek H.Singh,CMT
Elliottwave Analysis(Gold5thAug 2016) By Abhishek
