Gold Tech View

Heh... Coupla days ago I posted up that gold might be at a level that was good for a short... Since then Gold has made a new high (just) so ummm... that was wrong... :)

In that post I showed a 4 hrly chart with price/wave counts on the MACD and promptly went ahead n said I was ignoring them...

I'm not ignoring them now, n here's the (updated) 4 hrly chart again.

I'd like to draw your attention to the Marked wave counts on the MACD in green, and the corresponding purple counts on price.

Now when I dont ignore these counts ( :) ) this up trend has conformed rather well to my relatively esoteric methodology of using the MACD to determine Price waves... whther these Price waves are EW or Gann Waves (just "discovered" these) or wink Waves or wotever the eff... this sure looks neato to me at the moment. Most specifically being the fact that the fifth marked wave is of noticibly less momentum (lower high MACD Mavs wave 5  than MACD wave 3)

Now, in an ideal situation, when these kinda counts occur as neatly as this on a particular timespan, Before a true Change of direction, I would like to see an opposite occurrence to the marked "uptrend coming" at the start of the MACD count... that is, a finishing move that sees a higher high on price with a lower highthan the ellipsed crossover on the MACDs...

Will this occur? NFI... in the meantime tho, I am putting my pencil neck out there AGAIN saying this current up trend is suggesting it's practically done...

In the meantime I'll be watching price's reaction to the latest black up trend line...

Oh n last nights action whipsawed me all over the place.. magnificent to watch but on the lower timespans the sudden change in speed of price messed with my head and I couldn't hold on.