CMP 1225
Based on my Weekly Chart, we are in last move on the downside targeting minimum of 1060. Normally, ABC correction will take support at wave 4 of the same degree. The span of Wave 4 lies between 1032-680. I expect Gold will take support at this region.
As long as 1308 resists, I expect to see another down move towards 1060$.
As you can see in the chart, wave 3 ended at 1131.43. Wave 4 at 1307.36. And we have started wave 5 from 1307 level. As per my analysis, we are in 3 wave moves to complete this wave 5 as triangle. Wave 'a' ended at 1142.74 and started wave 'b'.
As long as 1142 supports, I expect to see 1225 (completed), 1244, 1258, 1268-1272.
More closer look of Wave B of Wave 5.
Waves a and b of Wave "B" completed as per my view.
Wave a of wave B at 1224.14, and
Wave b of wave B at 1170.25.
Wave c started from 1170.25. As you know, wave c will have 5 waves.
As long as Gold supported by 1170, I expect to see 1251, 1270.
So, as per the above view, upside targets are: 1225 (completed), 1244, 1251, 1258, 1268-1272.
Wave 3 of Wave c of wave B.
As you can see in the above chart, Wave 3 has done 261.8% and completed at 1218.92.
Started wave 4 correction, made new high at 1227 and dropped to 1210.90.
As per the waves guidelines
Wave 5 is often computed by taking either a 38.2% measure or a 61.8% measure of the distance traveled from the start of wave 1 to the end of wave 3.
If Wave 3 had extended, then there is a high chance for wave 5 to be equal to wave 1.
If you see in the chart, wave 5 made high at 1226.20 exactly 100% of wave 1 but it has not yet taken out the recent high 1227.25.
Trade Ideas:
1. As long as Gold supported by 1178, Buy on Dips can be initiated for 1244, 1251, 1258, 1268-1272.
2. Sell on Rise can be initiated between 1245-1275 with max sl 1308 for 1131, 1070 n more... (Long Term Positional View)
Small Trades:
1. Buy between 1218-1214 or Buy above 1227.5 with max sl 1210 for 1230, 1233, 1235.
Based on my Weekly Chart, we are in last move on the downside targeting minimum of 1060. Normally, ABC correction will take support at wave 4 of the same degree. The span of Wave 4 lies between 1032-680. I expect Gold will take support at this region.
As long as 1308 resists, I expect to see another down move towards 1060$.
As you can see in the chart, wave 3 ended at 1131.43. Wave 4 at 1307.36. And we have started wave 5 from 1307 level. As per my analysis, we are in 3 wave moves to complete this wave 5 as triangle. Wave 'a' ended at 1142.74 and started wave 'b'.
As long as 1142 supports, I expect to see 1225 (completed), 1244, 1258, 1268-1272.
More closer look of Wave B of Wave 5.
Waves a and b of Wave "B" completed as per my view.
Wave a of wave B at 1224.14, and
Wave b of wave B at 1170.25.
Wave c started from 1170.25. As you know, wave c will have 5 waves.
As long as Gold supported by 1170, I expect to see 1251, 1270.
So, as per the above view, upside targets are: 1225 (completed), 1244, 1251, 1258, 1268-1272.
Wave 3 of Wave c of wave B.
As you can see in the above chart, Wave 3 has done 261.8% and completed at 1218.92.
Started wave 4 correction, made new high at 1227 and dropped to 1210.90.
As per the waves guidelines
Wave 5 is often computed by taking either a 38.2% measure or a 61.8% measure of the distance traveled from the start of wave 1 to the end of wave 3.
If Wave 3 had extended, then there is a high chance for wave 5 to be equal to wave 1.
If you see in the chart, wave 5 made high at 1226.20 exactly 100% of wave 1 but it has not yet taken out the recent high 1227.25.
Trade Ideas:
1. As long as Gold supported by 1178, Buy on Dips can be initiated for 1244, 1251, 1258, 1268-1272.
2. Sell on Rise can be initiated between 1245-1275 with max sl 1308 for 1131, 1070 n more... (Long Term Positional View)
Small Trades:
1. Buy between 1218-1214 or Buy above 1227.5 with max sl 1210 for 1230, 1233, 1235.
