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My Take on the XAU


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#1 The_Gold_Miner

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Posted 16 January 2004 - 10:52 AM

If you follow Elliott Wave this is leg A of an ABC retrace. From here we should expect another leg up allowing for a short term, short entry. From my last sell signal the XAU went flat and then broke down. I did not get a short signal off the system but I may pop in with some small shorts based on the wave counts. I would look for a retrace to the lower blue channel line on this chart for short entry, but would also take a look at fib levels and EW counts to get the actual price level.

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Ryan at wavespeak.com is one of the best ellioticians I have seen. If your into the wave you should check him out. He offers his free analysis of the XAU on my site under "The Gold Mine" link if you want to follow along.


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#2 dougie

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Posted 16 January 2004 - 07:04 PM

could be we are 4 of 5 of C of ABC down too.......

#3 tradinoncoffee

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Posted 17 January 2004 - 11:50 AM

Dougie...that is my take on the count also...i think this next bounce into the 101 to 105 area is shortable...that is if there is even enuf energy to get over 100. We will see...i am long a couple of golds for the bounce...AU and NEM, but i will flip short on any weakness...my ultimate target is 82...but i am not sure how we get there yet.