Gold, Oil & Indices (Equity & Bond Indices)

Qingyu,

Ofcourse! I wrote to you on 26/1:


"Qingyu (King you),

Did you manage to recover your loss going short at 91?

Asad

P.S. Reckon CL will try to 'touch' 88-90 again before proceeding downward..."


It won't JUST go to early 80s DIRECTLY! CL moves one step forward...twp steps backward! It'll get close to 90 & then downward from there.

Ride this trend, mate... ;)


Asad

The implications of a five way move down completing are that the series is either lablelled wave 1 or wave A (there are 5 waves within). We would then expect a larger correction back up to form a Wave 2 or wave B. Then another move back down to new lows. It the whole series ends up as a 3 wave ABC this is corrective so new highs would then follow. If not an ABC then further bear trend would ensue multi month.

who erased niet?

Chloe, not sure what timeframe you want to play gold but Catnip's advice to bracket is good and I think Ashraf looking for lower prices.

I can give you my current peferred "count" but remind you I always have 2 or 3 alternate counts to provide me with the trading parameters for being right or wrong.

Gold has so far fallen in 3 waves from the 1432 high. The 3rd wave is current and started at the 1425 high. Since this 3rd wave has fallen below a typical 3 wave correction to the bull trend level at 1335 I am thinking this not a wave C but a wave 3 in progress. It has now hit the 161.8% ext level at 1210 which is quite typical for a wave 3 or the wave 3 could extend further from here. Once the finish of wave 3 is confirmed we expect wave 4 up and you take your fibs from the wave 2 high at 1425. A typical retracement for wave 4 would be 50% but this is variable. Then we would expect a wave 5 down to new lows below the wave 3 low. I shan't talk further than this in case my preferred count should prove wrong. Wish I could post charts here because a picture is worth a 1000 words. On the other hand I might spend my whole time posting charts instead of trading :-) gl Chloe my friend

opened a small pos on wti long @85.86 ..risk premium
gold depends much on China rate if PBOC does nothing gold will go higher ... if PBOC unexpectedly hawkish
gold will drop to 1280...even 1250 .... a case for OCO