Subscription: Gold & Miners
Gold - both scenarios remain valid and both point lower
My preferred scenario remains the triangle ( the blue labels and the blue path).
Under that primary scenario wave D up has topped and the final wave E down has started.
Two things you should bear in mind about that wave E down:
1. It is supposed to be the shortest move in comparison to four preceding waves labelled as A,B,C and D.
2. It has to be structured as another a down, b up, and, finally c down.
So its not gonna be an easy quick drop.
Now lets talk about the alternative red cunt. First, the red count is technically valid.
Under that count what we see is starting wave ( iii ) down ( see the red labels).
Under that scenario gold should keep moving down towards at least 1,874, the low made on 12 Aug 2020.
Again, I do not assign high probability to that scenario because the first leg down was strong enough to expect that the second leg down would go even lower.
Forgive me for that but I need to show you one more scenario where wave D up still needs a micro push higher in the same way as Silver does.
Basically, Gold still could push higher one more time slightly over 2,000 to tag the Red Target box to complete subwave c of wave D up.
The next good trading setup would be if and when wave E down tests the blue dashed trend line.
That would be a long setup for another rally in wave A of 5 up.
I do not see any reason to attempt shorting for the final decline in wave E down.
Gold - 120 min chart updated at 10-15 PM on 9-01-2020
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Important Disclaimer
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.
Past results are not indicative of future profits.