Gold

watch 1617, a break of that to the downside will open up targets of 1556 > 1525.

its trying to bounce as i type...1633/40 should cap it imo but i fear for it

I've gone long on this at 1626 with a very tight stop just under 1625. See if it holds.

If it breaks 1625 then it could be headed for 1590 or even 1525 I suppose.

dl.dropbox.com/u/43650856/Gold%20-%2014th%20Feb.htm

This has fallen through the trend line. I dare say that moderate USD Strength might be a factor.


I've added an "alternate" Trendline T2 (which isn't as neat as the main one, T1, but its worth looking at if it holds!). If gold closes above ~ 1635, then I'm prepared to stick my neck out further and call it support

I'm long now on this at the uptrend support @ 1643. Stops should be below 1625 really but mine's a bit tighter than that as I'm not convinced about this one:



dl.dropbox.com/u/20815047/Golddaily12_02_13.gif

Broad-rock
You are right if its a flat bottom triangle e should be in line with a and c around the 1522 area.
Reason why I have labelled it higher is because thats where 5 wave down move was completed....taking it any further down would mess up the combination elliott wave structure and would be an alarming sign that trend may be reversing and we could be heading down to break 1522! We will have to wait and see what happens?

I have opened a Long Position on Gold today at 1670. My SL is below 1650