Elliott Wave Live: Gold: Flash Alert

Monday, December 6, 2010

Gold: Flash Alert

Attached are the charts for e-mini gold. I believe that w.2 has terminated. Aggressive traders should be looking for sell signals here on lower time frames against the w.2 high of 1420.5. A break of 1351.1 confirms that onset of w.3 towards significantly lower levels. Great risk reward since corrective waves are always completely retraced.

More conservative traders may choose to wait for a five wave decline that breaks key support and then look for sells signals against the following three wave corrective move.

Best of Trading

3 comments:

MikeDecember 6, 2010 at 10:05 AM
Gold #XK_F isn't acting impulsive off the open. I'm cautious here. Need to see impulsive price action to confirm a top and the wave count.
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MikeDecember 6, 2010 at 11:55 AM
Waiting for confirmation keep traders out of harms way. It appears that w.2 is still subdividing. As you know, w.2 can't exceed the origin of w.1... therefore 1424.4 can't be exceeded or the operative wave count is flawed.
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MikeDecember 6, 2010 at 12:27 PM
Trade is starting to look like an impulsive move to the down side from what appears to be an ending diagonal.
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Monday, December 6, 2010

Gold: Flash Alert

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