3 facts why the gold market found the bottomOleg Alexandrov
1) #EVRB action. Look at the progress of wave 1-2 and its volume. It turns out 141/69 = 2k contracts per tick. Look at the progress of wave 5-8 and its volume (highlighted in the box). 206/46 = 4.4 ticks. The volume is getting heavier, and the progress of decline is drying up. It’s getting harder to push the price lower. This means that the market found support around 1450
2) The Growing Wave 8-9 has great progress and duration in time. This confirms the support around 1450. Pay attention to the growth in the delta at the wave of 8-9 (indicator at the bottom).
3) A growing profile (indicator on the left).
What to expect next.
The wave of decline 9-10 should be exhausted, with a falling volume. This will mean that sales pressure has subsided. The market is unlikely to quickly turn up in strong up-trend. Therefore, when considering buying, it could be a hasty decision. But wave 9-10 (NS) should give more arguments for opening longs.
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