Gold's WolfeWave Pattern

Gold's Wolfe Wave and Channel update...

Regards,
Suri

 

Thanks lolatBushites for your kind words...

Here is the basic analysis of the previous chart. In order for Gold to rally, first it may test prior consolidation/breakout area for support (confluence with 200SMA, Wolfe Wave Origin1 level of 862 marked on the chart). This level is also near 50% retracement of the prior move from 686-1007.

$XAU (chart posted in this thread) also reversed from 200SMA. Original target for $XAU is around 150.

If these levels (850-860) hold, I think Gold may trade higher.

Regards,
Suri

 

.... got a 38% for a lower high

 

.....re-tested 38%

 

Gold WolfeWave update...
See 200 SMA and WW origin level for potential support?

Regards,
Suri

 

isn't it an ABC correction too? at least the target area?

best karla

 

hi karla,

here is the current ABC Pattern ...
see 200SMA also.

regards,
suri

 

Prior ABC Pattern from Feb. 20, 2009

Regards,
Suri

 

hi suri,

no i thought about an ABC pattern from 20.2.09 -10.3.09 - 19.3.09

target should be around 200ma.

best
karla

 

hi karla,

here is ABC Bearish pattern..

regards,
suri