CastAway Trader
CastAway Trader Predict the Next Market Move

Subscription: Gold & Miners

Gold - can we still consider this rally a temporary pullback?

We expected a-b-c move up off the low in a corrective wave iv up.

We have got that a-b-c up but that move up stretched higher than I expected.

The question is whether that move is too big to be counted as wave iv up.

And the answer is not really.

So far that wave iv up has not even retraced 58.6% of the preceding drop in wave iii down.

In addition, the critical resistance created by the top of the corrective subwave b up is located much higher at 1,610.

The count remains unchanged.

I still count that a-b-c up pullback as a corrective wave iv up that should be followed by another push lower in subwave a of wave v down targeting the last low made by wave iii down at 1,450.90.

GC - 4,500 tick bar chart updated at 12-05 AM on 3-24-2020

Trading is risky. Read this important Disclaimer

HIGH RISK WARNING
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. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor. Past performance is not necessarily indicative of future profits.

Previous Updates

© 2019 2020 Cast Away Trader. All Rights reserved.

Login