Top Trade Idea for July 28th, 2015 –XAU/USD
By Gregor Horvat on Jul 28, 2015 06:32:25 GMT
Gold is trading at new lows, currently around the trendline connected from the start of 2014 where support can be found, especially if we consider the shape of an ending diagonal placed in fifth wave. That’s a very important reversal pattern that suggests a bounce in the second part of 2015 and maybe very strong recovery in 2016. Well, if we are correct then lows could be near as we have all needed substructure for a valid formation. However, as always we need a confirming price action, before we may look for a bottom in place. In our case, we need an impulsive rally back to 1230 to confirm a change in trend. Until that happens, trend is still down!
GOLD Daily Elliott Wave Analysis
On 4h Gold hit new lows last week, likely made a fifth wave down that accomplished wave iii) so new corrective rally can be here now. We are talking about red wave iv) that can retrace back to 1130 area with three sub-waves before we get another, and maybe even final leg down within larger downtrend.
GOLD 4h Elliott Wave Analysis
For now we still favor shorts as trend is still down, but after a three wave bounce. No position for now, we are watching
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About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com
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