Des Captains Morning Post vom 21.10.21 :
Short Term Update:
Gold was higher in yesterday’s day session and that trend higher has continued in the overnight session as we have reached ahigh of 1790.10.
After that high was made we dropped off reaching a low of 1776.90, although we are now trading at the 1783.00 level!
We continue our long correction in our wave -iv- bullish triangle as shown on our Daily Gold Chart. Within wave -iv- we completed all of wave .c. at the 1675.90 low and we are now rallying in wave .d.
Wave .d. cannot rally above the wave .b. high of 1919.20 for this current triangle pattern to remain valid.
Remember that legs of triangle formations are full of overlapping waves, so the internal wave structure is sometimes difficult to analysis in real time.
Within wave .d., it now looks like wave $a$ ended at 1836.90, and all of wave $b$ at the 1721.10 low. We are now rallying in wave $c$ which has a projection for its completion of:
$c$ = $a$ = 1882.80.
On the Intraday Chart gold appears to be working on a very large bullish triangle, which started at the 1745.90 low.
Within the triangle we need five touch points which is this case at: 1745.90, 1801.80, 1760.40, 1790.10 and the last point which currently is 1776.90.
As long as this last point does not fall below the 1760.40 low, then after this final drop occurs we expect gold will thrust sharply higher.
The size of this triangle indicates that the projected spike higher could be between $50 to $60.
A break above the upper trendline of this bullish triangle which connects 1810.80 and 1790.10 will likely start the thrust movement higher.
After wave .d. ends we expect one more drop in wave .e. to complete all of our wave -iv- bullish triangle. We already tested resistance at our red downtrend line that connects 1919.20 and 1836.90. We expect it to be strong resistance, but expect we will break through this week, or at least soon!
After that we should continue higher to our neckline resistance.
Another plausible possibility is that all of wave .d. ended at 1836.90 and all of wave .e. at 1721.10. This would mean that all of wave -iv- is complete and that the next rally in gold will be a substantial thrust higher in wave -v-. This would create a very non-symmetric triangle, although triangles do not have to look pretty. This will be our alternate count for now.
Also note the potential head and shoulder bottom on our Daily Gold Chart.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Grüße
