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GOLD: EWP Update
Posted on 20 May, 2012 by admin
We have a powerful weekly hammer that is suggesting that price has established an important low, maybe even a major bottom.
I have been counting the EWP from the August 2011 as a Triple Zig Zag
The potential last zig zag from the March 2 lower high was strengthened by the triangle that was completed at the beginning of May. Once the triangle was completed we had the common impulsive thrust down that is assumed to have established the bottom of the wave (Z)
Clearly there is a ton of overhead resistance.
Price needs to recover at least above 1644 in order to strengthen the bullish scenario.
[url=http://bit.ly/c25MCx][img]http://d1206.hizliresim.com/y/j/8010s.png[/img][/url]
In addition to the weekly hammer the most interesting feature of this sudden and unexpected move is that we have a most likely impulsive up leg which increases the probability of an important low.
[url=http://bit.ly/c25MCx][img]http://d1206.hizliresim.com/y/j/8013n.png[/img][/url]