Gold, How the Waves keep you One Step AheadSep 28, 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
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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