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Gold B Wave Triangle Could Lead to Thrust Lower

Gold B Wave Triangle Could Lead to Thrust Lower

2014-05-22 21:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold B Wave Triangle Could Lead to Thrust Lower

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Gold made its 3rd bullish outside day since 4/24 on last Monday. The 4/24 reversal was accompanied by large volume which increases the likelihood that the reversal is an important technical event. The implication is that gold is well supported and therefore headed higher.

-Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.

LEVELS: 1268 1278 1288 | 1306 1315 1331

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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