Mentorship

Gold, How the Waves keep you One Step Ahead

gold trading Sep 27, 2020

MCX Gold has been dragging lower post forming high near 56000 levels over the weeks’ time. As per Elliott wave the path suggested ahead is in the form of corrective wave with a Diametric pattern under formation.

Along with wave count we use indicators such as Ichimoku Cloud which helps us to capitalize on short term intraday basis trade.

Below is the chart and research stating why our stance turned short term bearish in MCX Gold.

MCX Gold Hourly chart with Ichimoku cloud

Gold, How the Waves keep you One Step Ahead

Elliott wave Analysis-

MCX Gold has be moving in an over lapping manner on downside post making high near 56000 levels. As per daily counts we are moving in corrective wave (iv) which seems to be moving in the form of Diametric pattern as seen on hourly chart.

We have applied Ichimoku cloud, wherein prices have dragged below the cloud and moving in the form of wave (e) on downside. Also the base and conversion lines placed above the prices confirming negative movement.

In nutshell, MCX gold seems to be negative over short term as long as trading below the cloud.

Above research states that using various indicators and the wave counts and pattern indication will help in capitalising the on-going trend.

Following is the call given today on intraday basis to our existing Intraday clients:

28/09/2020 (11.22 am) GOLD OCT FUT SELL BELOW 49400 SL 49500 TGT1 49370 TGT2 49295
– TARGET 1 ACHIEVED AT (11.42 am)

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We provide Intraday / Positional calls on these commodities along with research reports using these techniques through Whatsapp, SMS. For more details, Click here

3 Months of Mentorship starts in November 2020 – Learn the application of these indicators along with Elliott wave and Neo wave patterns and we will ensure you have the necessary tools to sail through the market volatility even if you have no prior knowledge of trading. Know more here

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Ritesh Patel: Complex topics like Time cycles are covered in very simple and practical ways. Really a great learning.

Naren Ashoka: the programme MOC is really unique and is very very useful for anyone who wants to go beyond the traditional technical analysis. Thanks Ashish!

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