Friday, February 15, 2013

Goldbees - Elliott Wave Update

  1. Goldbees seems to forming a 3 wave counter trend move, the trend still being up. We have RSI being locked up near the bull zone for more than a couple of months.
  2. We have a channel support, and a falling wedge taking shape, also the wave [c]==[a] level comes around 2867.30, we are around that level.
  3. There is no conclusive evidence yet of a trend reversal on the chart above, but the Gold contract traded on MCX tells a different story. Have a look at its chart below.
  1. In this chart we can spot a Double Three correction. We got a sharp bounce from the possible end to the DT at [y]?.
  2. If this last up move from [y]? is not retraced fully we may have a potential bullish scenario at hand.
  3. This chart is a bit encouraging but the low at [y]? must be held.
  4. Now lets look at Silver chart from MCX for additional clues.
  1. Silver seems to have resumed its down trend after completing a wave (4) triangle. We have some potential support areas marked on the chart.
  2. Again this looks like a potential 3 wave corrective move, or may be I am looking too hard.
  3. But if what I am seeing is correct then we have a possible trending move on our hand, and it should be tradable.
Note: This is just an observation and not a trading recommendation in any way. Suggestions and criticisms (constructive) are most welcome.

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