Very possible; but as per elliott wave rules and assuming that this is the corrective wave of a larger bull run; price must not take out the start of the first wave 1240 level... If that breaks this entire bullish run was wrong and gold would become ...

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Agreed I'm still in the bearish camp... we are still in corrective mode; this is only an extension; but this extension could take us slightly higher if it breaks 1311. the zigzag should end in the 1250-70 range

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Took a look at jadidi's chart... I have the same impulse count (on the first impulse wave); but I see (the larger correction as a missed zigzag which should become a double zigzag...)his c (i) should end in the the range of B and that is perhaps ...

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I have a missed abcd or zig zag on the first attempt; and we going into double zigzag territory which at a break of 1311 or 1312 can take price higher to the 1320-1330 range (X) and then come back down again... based on the hourly! To me this is a ...

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If it comes down watch out for the 1300 zone; as it could rebound from here and go into 1320-30 zone and then come back down crashing. I am working on a new ew count...hopefully should have it up soon or by europe session...

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Agreed! hence if you read I said wait for the rsi line to come down again...which probably is going to be in this range anyway!

USD/CAD

So wait a minute... you get dinged twice? double charge? I hope the spreads are good though then?

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Yeah agree on the client sentiment bit. the channel is still holding so we are good; but if that alternate count that I have mentioned is correct; then that expects to see one leg down before going up to 1320-1330 level; of course the leg down means ...

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That's terrible for the individual... On some level good for the country (less capital flows out)... after all it is a zero sum game; and India should preserve its capital by locks I meant limits - yes! but thinking about it I'm sure the Indian ...

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See the daily chart of the S&P and the doji tops that have occured...that's a clear fractal pattern there... note how the market tends to sell off for a couple of days... That might just be the impetus gold needs to break out of this channel and ...

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Are there daily locks though imposed by the exchange?

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Something to factor in... S&p closed low; infact it seems like there is an evening star on the daily; which could lead to a sell off for a couple of days... only positive there is that the 20 sma held!

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Agreed... (have to wait and see for a reversal bar) According to one ew count the zigzag number 1 was missed (abcd correction due to 61.8 harmonic retracement at b); hence this is going to convert into a double zig zag; If the resistance area is ...

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I share a similar view url I think we have bottomed out.... The current call is just based on wave theory... After all nothing goes straight up..right? Have a good one

USD/CAD

Sorry I posted the wrong chart I meant this as the first leg is clearly a zigzag and not a flat! image

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Seeing from an hourly chart I see this as one of three possibilities...the latter two paint a bullish scenario; and call for a bottom that we have just seen... where A is to first bottom 1292 and C (W) is the one we just had! ( I am still not ...

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Good point... It is selloff friday......haha... I think we might be good... I've gone tired of calling S&P topsl it just keeps on rising... I wouldn't be surprised if it rallies back up in the last hour or something; as it often does! *but ...

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I think this is still a good trade based on R/R. As long as one risks the appropriate amount and not get carried away with it

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Just ask or research yourself? Sma - simple moving average Vsa - volume spread analysis

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Hmmm... this is a suprise spike up I'm watching the top channel line carefully; as long as we don't close above the top channel line "shorts" are still valid (rsi has become oversold on the hourly too). We don't have good volume to ...

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