- Goldbees seems to forming a 3 wave counter trend move, the trend still being up. We have RSI being locked up near the bull zone for more than a couple of months.
- We have a channel support, and a falling wedge taking shape, also the wave [c]==[a] level comes around 2867.30, we are around that level.
- There is no conclusive evidence yet of a trend reversal on the chart above, but the Gold contract traded on MCX tells a different story. Have a look at its chart below.
- In this chart we can spot a Double Three correction. We got a sharp bounce from the possible end to the DT at [y]?.
- If this last up move from [y]? is not retraced fully we may have a potential bullish scenario at hand.
- This chart is a bit encouraging but the low at [y]? must be held.
- Now lets look at Silver chart from MCX for additional clues.
- Silver seems to have resumed its down trend after completing a wave (4) triangle. We have some potential support areas marked on the chart.
- Again this looks like a potential 3 wave corrective move, or may be I am looking too hard.
- But if what I am seeing is correct then we have a possible trending move on our hand, and it should be tradable.
Note: This is just an observation and not a trading recommendation in any way. Suggestions and criticisms (constructive) are most welcome.
No comments:
Post a Comment
...I am thrilled to learn what you think about this piece of content...