Gold Aug WC 22/8 neutral – on break confirmation of direction

This really has been a busy time.... thanks @hermann, @toothwaste and others for comments - it certainly looks like some are getting a good grip on the idea - well done and thanks 🙂

On the monthly looks like we will get an inside bar so no indication of direction this month........  Next month we should open between 1350 and 1363 based on current high and low for August and need to breakout from there for direction.

Gold M Aug

Prices are struggling to get through the Q channel MLU and a lower 1350 open next month will favour the top at least on the monthly fractal being either M-4 for the bearish count, and W1 for the bullish count. In the weekly below I have shown the wave failure from easter as this would explain the expanding triangle we have had March/ April / May without an opening triangle following December low, and would give us a valid count to last months high.

Gold WC 22 Aug

A trend change confirmation would be a break of the dashed red MLL which this week stands at 1295.26, just below @hermann 1300, which is just below pivotal support at 1310 and 1305. As @hermann count one more marginal high above last weeks high but below 1367 should complete c-2.

In both charts I have shown the forming triangles which are opening waves which should give us direction before the en of September.

8 Responses to Gold Aug WC 22/8 neutral – on break confirmation of direction

  1. Hermann says:

    We are now in the target zone. Currencies try to turn around. So lets watch for golds action now closely.

  2. Hermann says:

    A update from me to finish the action with a count.
    Seems to me that we will see a spike low soon and a bounce to d-4 after that.

  3. Hermann says:

    Great that you are back Marc

    Today we are about to break the 1330. And hey the guys reacted as profs and sold out. The wave is a little bit tricky for me so i closed my puts today too.
    Perhaps i am not seeing the best gains now, but so what. That was a 25% gain on the whole portfolio today.

    Still i am a very bad trader, made a bad entry point and closed half of position with almost no profit. So i am a little surprised now. Long way still to go for break even with the hard learning phase, but victory is sweet anyway.

    Map wave analysis is best!!! Thanks for all who gave input in the last weeks.

    And special thanks again to Marc. You are the real deal, teaching us how to fish, not selling fish.
    Hope to give back more in the future.

    • Evi says:

      Hi Hermann and team 😉

      I also closed my put position yday (only 1 gamble put open expiring today ;-)… also closed in profit, but theta took away big part of the move… anyhow, no crying, profit is profit and even more importantly, every good trade gives me confidence in my wave counting and trading descisions! Analyzing my trades, entry and exit (actual and missed) points, reasoning for yes/no, risk tollerance a.s.o. is key for me in becoming a better trader.

      Here also a weekly chart – bit longer timeframe shown compared to Marc’s…

      not really about the wave counting, but looking at a bigger picture from the 2011 high with channells… Think it’s worth to combine knowledge (MAP, Reversals, T.A) now and wait for confirmation of the next move (breakout or breakdown). Meanwhile cash is an asset too.

      Best of luck to everyone, Evi

  4. Srdjan says:

    Hi guys. Long time no hear. Looking from the graphs you provided looks like its going to hit 1308 in the next 2 weeks followed by a lower high 1350-1365 4 weeks from now.

    From the energy we had this summer if we dont hit 1425 and close in sept we are very likely to go below 1300. Dont have computer (whole summer in greece) but most likely we go for one low in october and another end year begining of next year… I am looking at around 1130 for now…

    Guys please check wheat if you have chance, looks like we are getting to the bottom of the chanmel, and after september i see few up years so if anyone looking for a great long term there it ks… 100-200%

Leave a Reply