Gold has rebounded strongly after speculators dumped following
the January FOMC statement causing a 5 wave impulse move which
pierced through the .618 retracement.
--
The impulse move following the January FOMC statement may
have complicated the corrective wave formation starting in
sep-2012. A bullish count would have the c-wave morphing into an
expanding terminal triangle. It's important that the .618 retrace
of May-Sep price move holds.
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Gold Futures 5hr Chart
Posted by rixx on 21st of Jan 2013 at 09:58 am
Gold has rebounded strongly after speculators dumped following the January FOMC statement causing a 5 wave impulse move which pierced through the .618 retracement.
--
The impulse move following the January FOMC statement may have complicated the corrective wave formation starting in sep-2012. A bullish count would have the c-wave morphing into an expanding terminal triangle. It's important that the .618 retrace of May-Sep price move holds.