Thursday, March 29, 2007

XAUUSD - Waves Chart

Dear readers,

All the recent short term trend lines were violated so no trade lines for today chart.

Few days ago I posted a chart and wrote:

The current short term chart pattern is a perfect example of the limitation in Elliott wave analysis: Is it (A-B-C) uptrend pattern or a five wave pattern?

Given the recent technical action it seems to me that the second choice is more likely to be in play. Which means that the sub wave is a 5 waves pattern. (Currently wave [iii] is underway) So, this is my opinion but I wouldn't necessarily speculate on that.

I hope none of you concluded that Elliott Waves Analysis is useless as this is certainly not the case. In my opinion Wave analysis is excellent instrument to have in your technical analysis toolbox. If you have no idea what wave analysis is all about, you might want to look at this free waves guide.

XAUUSD Intraday 24hr 2hr bar chart.

XAUUSD Intraday chart

Quick HUI Update

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