Gold XAUUSD H4 & Daily

General Overview for 29/10/2013 11:00 CET
I have a little re-labeled the count showing now fully developed wave iii black.
Current situation looks like one of two scenarios:
SCENARIO 1: Main Count – Wave iv is done and wave v is done as well ( Ending Diagonal). Wave (i) is down in full five swings to the upside so now it is correction time in shape of a ZigZag (???). Key Level is $1309 – 1300 zone. Price should finish the correction there and resume the uptrend.
SCENARIO 2: Alternate Count – Wave iv is not done and the whole up move in last days was a choppy wave alt:b. Next anticipated wave progression would be waves c,d,e for a Triangle wave iv to complete. The Key Level for this scenario is $1327 as a wave 4 support.

Support/Resistance:
1420 – WR3
1388 – WR2
1374 – WR1 | SUPPLY ZONE |
1363 – 61%Fibo
1341 – Weekly Pivot
1328 – WS1
1327 – Technical Support | Previous Wave iv area |
1309 – Key Level
1296 – WS2
1283 – WS3

Trading Recommedations:
 For a longer term swing trade buying the 1327 – 1309 zone with SL just below 1300 is recomended.
Target is  1487 – 1506 zone.

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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