A text-book example of eWaves in action on Gold at the end of this week.
A clear eWaves 3 was formed on the 27th, taking out previous highs. Price then retraced 62% into a demand zone, forming the eWaves 4 where old resistance became support: an ideal place to go long. Price then went 150 points up to the TZ2 level.
With the daily trend down, we'd be looking for some short opportunities and where better than a level with so much confluence: eWaves 5 in a strong supply zone, 50% retrace of the bigger down-move and the TZ2 level.
100 more points to be had.
eWaves with supply & demand confluence ... could trading be any simpler?
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