Bullish. Corrective Wave. Broken out of down channel, price is finding support on Andrews Pitchfork parallels to climb.
I'm thinking the Modified Schiff median for potential wave A target, approx. $1210, above 0.382 retracement at $1205.35 (red arrows). The line has good history of price taps along it.
It got stuck today under the long term channel line that provided support to wave (iii) end previous.
Because:
1. it failed the November 2014 low at 1130.53 it looks like wave 1 of 3 ran from 19th Feb $1307 to $1142 17th March, then the current wave is 2 of 3, and so on. If so, say hello to gold at $ how low?
2. it's quite difficult to trade corrective waves well, there is good opportunity for intraday trades and scalps, using channel lines as support / resistance.
I'm thinking the Modified Schiff median for potential wave A target, approx. $1210, above 0.382 retracement at $1205.35 (red arrows). The line has good history of price taps along it.
It got stuck today under the long term channel line that provided support to wave (iii) end previous.
Because:
1. it failed the November 2014 low at 1130.53 it looks like wave 1 of 3 ran from 19th Feb $1307 to $1142 17th March, then the current wave is 2 of 3, and so on. If so, say hello to gold at $ how low?
2. it's quite difficult to trade corrective waves well, there is good opportunity for intraday trades and scalps, using channel lines as support / resistance.
