I don't personally trade it but, on the weekly I would not call
that a likely 5 because the oscillator is too strong in relation to
the past that you can see. On the daily if it pulls
back it sets up a nice evening star that portends a down move
of unknown magnitude. That won't be confirmed until today's
close, though. All I could say is it depends on your time
horizon and trade risk. To me the risk is a little high short
term, but I'm always like that.
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GOLD 5th Wave Top ?
Posted by rbreese on 19th of Aug 2011 at 08:36 am
We dropped 35.00 in 1/2 half an hour and are we setting up the 5th of Wave 5? Thoughts anyone?
GLD
Posted by johnc on 19th of Aug 2011 at 09:21 am
I don't personally trade it but, on the weekly I would not call that a likely 5 because the oscillator is too strong in relation to the past that you can see. On the daily if it pulls back it sets up a nice evening star that portends a down move of unknown magnitude. That won't be confirmed until today's close, though. All I could say is it depends on your time horizon and trade risk. To me the risk is a little high short term, but I'm always like that.