Friday, October 5, 2012
Xau/Usd : Top of the range
In the last post about gold vs the us dollar i had 2 possibilities, both were invalidated. I am actually happy about this, because this gives this new count a lot more power. I believe a great opportunity to short with little risk and huge potentiel gains is here now, it's never 100% sure but i like the good odds here. 2 equal legs from the bottom and price at top of the channel to form the end of a corrective pattern. It is possible that this corrective wave transforms into a bigger correction but because price has allready taken so much time to form wave B i believe the chance that this corrective wave isn't finished is very small.
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Hi Jeremy!
ReplyDeleteEverybody is a bull on gold at these prices. This shall make your counting even more valid.
It is true that with such a long rally I lost confidence in counting the wave X of C (one of those two scenarios which you also had in the previous posting) as price went through the 78.6 and 88.6% Fibo retracements of the drop from 1790.55
This scenario is a kind of last chance for a bearish stance.
Keep my fingers crossed.
Thanks for sharing your view. As always, your postings are a great learning material.
With best regards,
Catalin
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ReplyDeleteHey Jeremy - I was just doing an internet search for a current EW count on gold and came across your Oct 5 2012 post. Awesome call! Hope you followed your own advice. Have any updated counts? TIA
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