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Tuesday, 29 October 2013

Gold XAUUSD H4 & Daily

General Overview for 29/10/2013 11:00 CET
I have a little re-labeled the count showing now fully developed wave iii black.
Current situation looks like one of two scenarios:
SCENARIO 1: Main Count - Wave iv is done and wave v is done as well ( Ending Diagonal). Wave (i) is down in full five swings to the upside so now it is correction time in shape of a ZigZag (???). Key Level is $1309 - 1300 zone. Price should finish the correction there and resume the uptrend.
SCENARIO 2: Alternate Count - Wave iv is not done and the whole up move in last days was a choppy wave alt:b. Next anticipated wave progression would be waves c,d,e for a Triangle wave iv to complete. The Key Level for this scenario is $1327 as a wave 4 support.

Support/Resistance:
1420 - WR3
1388 - WR2
1374 - WR1 | SUPPLY ZONE |
1363 - 61%Fibo
1341 - Weekly Pivot
1328 - WS1
1327 - Technical Support | Previous Wave iv area |
1309 - Key Level
1296 - WS2
1283 - WS3

Trading Recommedations:
 For a longer term swing trade buying the 1327 - 1309 zone with SL just below 1300 is recomended.
Target is  1487 - 1506 zone.



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