{lang: 'en-US'} October 2014 ~ ElliottFxTrader Blog

Join The Community


Friday, 17 October 2014

Gold Weekly

General overview for 17/10/2014 13:30 CET

It is always a difficult task to correctly count the wave development inside of the triangle but this is as good as it gets: one more wave (v) green to the downside is needed to complete the whole impulsive structure in wave  Y black of the big degree wave 4 blue. As long as the level of 1006 is not broken, a multi year high is still possible to be made on Gold.

1179 - 1183 - Key Support
1198 - WS1
1216 - Weekly Pivot
1248 - WR1
1266 - WR2
1273 - 1280 - Demand Breakthrough Zone

Trading recommendations:
Short positions should be opened from the level of 1266 with SL above the level of 1281 and TP at the level of 1100 min.

Thursday, 9 October 2014


General overview for 09/10/2014 11:30 CET

There are some first indications that the main degree  impulsive wave might have been completed ( wave 1 pink) and the market is in corrective cycle in wave 2 pink or it is only a first internal sub-cycle of this wave. Nevertheless, the current situation looks like an upside push to the supply zone and a possible failure is expected here. The abc green correction looks completed as well in a shape of a Zig-Zag pattern, which is VERY POPULAR in wave two overall. Now the market must return to the golden channel and after testing the upper boundary, it must impulsively breakout to the downside, below the intraday support at the level of 1.2698 ( and even lower).
Please notice that any breakout higher above the level of 1.2814 is bullish and next resistance is at the level of 1.3000.


1.2999 - 1.2970 - Demand Breakthrough Zone
1.2900 - Previous Wave 4 Level
1.2832 - WR3
1.2814 - Technical Resistance|Key Level|
1.278 - 1.2814 - Supply Zone
1.2777 - WR2
1.2698 - Intraday Support
1.2620 - WR1
1.2584 - Key Level To The Downside
1.2560 - Weekly Pivot

Trading recommendations:

Long and mid-term trend is BEARISH and only SELL orders should be opened on this pair. First one to try is to short at the current price levels with SL above 1.2814 and TP open for now, but targeting NEW SWING LOW.

Don't Forget To Join US Our Community