Trigger Line Cross on RSI(5) getting close. ULT still needs to turn down. Black OXY candle indicates a turn or change in trend.<\/p>\n
From an EW perspective we look to be in a 3rd wave up (Gaps normally mark 3rd waves). Going down for a 4th wave then up to complete 5. 4th wave should be 38% retrace which coincides with 13 May Gap low. Using the 1=5 rule, we would then expect wave 5 to top out at around 118.58.<\/p>\n
OK now here’s the REAL conundrum. We had a 5-wave move down from 125.58 (you can easily count them) to 109.77.\u00a0 We would then expect to get an a-b-c corrective back up and then more down unless the corrective turns into 5 waves up. If you look at the chart, when we complete wave 5, we will have also completed and A-B-C corrective pattern (a = 5 waves, b = abc, c = 5 waves).\u00a0 That might very be “the” key turning point. We either do an a-b-c down then back up to higher prices or we go south in 5 waves!!!<\/p>\n
Watching the peaks on the EWO will be key…. Remember a lower EWO Peak with a higher price normally marks the high as seen on the 2HR Chart…<\/p>\n
Trigger Line Cross on RSI(5) getting close. ULT still needs to turn down. Black OXY candle indicates a turn or change in trend. From an EW perspective we look to be in a 3rd wave up (Gaps normally mark 3rd … Continue reading ![\"0518_DailyGLD\"](\"http:\/\/goldtadise.com\/wp-content\/uploads\/2015\/05\/0518_DailyGLD2.png\")
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