Gold And The Expanded Flat Adam Smith Associates


The close below the 20dma favors the idea that the 3 wave rise from the point marked A is a-b-c or a B wave. Even though it made a new high. A new high in wave B only happens in expanded flat patterns. In this wave B should ideally not exceed 138.2% of A and it is exactly that. Wave C then = 161.8% of wave A and that gives us a number of 1182 as the potential target. 1182 is also near the Jan'17 swing low and 66% retracement of the entire pattern at 1180. Wave C has to be 5 waves down that goes below the low of wave A [1194].


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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