Subscription: Gold & Miners
GC - bulls have been unable to prove gold made a lasting bottom in September 2021
On Friday Gold started on a high note and produced a rally that was followed by another sharp decline that can hardly fit the bullish count.
We keep waiting for gold to complete the first -a-b-c- move up off the major low made at 1,721.10 in Sep 2021.
The subwave -c- up normally has a clean five wave up internal structure.
The strong push up on Friday morning can only be count as a micro wave iii down.
What followed was a very strong decline that bottomed at the critical support at 66.7% retracement of wave iii up.
If that drop had a clean a-b-c structure we would have been able to count that decline as the whole wave iv down to be followed by another rally.
But that decline was super strong and did not look corrective at all.
At this point bulls are left with only one option which is to turn that decline into subwave a down of a corrective wave iv down shaped as a symmetrical triangle.
That means bulls shall not let bears are not allowed to make any lower low under 1,783 in order to save that bullish potential for one more push higher in wave v up upon completion of that large triangle shaped corrective structure.
Break under the support at 1,783 would invalidate the bullish count and would leave bulls with an ugly three wave move up off the September low.
That would most likely mean that the whole move up was a temporary pullback to be followed by another strong move down.
GC - 30 min chart updated at 6-15 PM on 10-24-2021
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CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.
Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.
An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.
You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.
Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.
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