Gold - Elliott Wave Analysis by tonyC - Aussie Stock Forums

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  1. #1

  2. #2
    PlanYourTrade > TradeYourPlan RichKid's Avatar
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    Jun 2004

    Default Re: Gold- Elliott Wave Analysis by TonyC

    Hate to say this TonyC but I have no idea how those counts comply with Elliott Wave theory, have a look at some of the threads on ASF about EW, plenty of resources mentioned if you want to learn. I'm just a novice in EW myself but it does look like those counts are a bit odd. See the main thread on gold in this sub-forum for other EW graphs- some don't paint the same bullish picture that you see.

    My posts are not recommendations (even when I rave about something). Always rely on your own research & judgement.

  3. #3

    Default Re: Gold- Elliott Wave Analysis

    ... but I do like his bullish picture.


  4. #4

    Default Re: Gold- Elliott Wave Analysis


    Spot gold moved higher to test the 50 daily moving average (DMA) and the 50% Fibonacci line. Gold formed a V bottom that few predicted. The trend line on the spot gold daily chart below implies that gold will make new multi year high no later then mid September. Obviously the 61.8% Fib zone which currently coincide with the 50 daily exponential moving average (EMA or MAE) will offer good support in case of an impending pullback.

    Gold & Silver Global Perspective

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