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Greetings Traders:
Metals markets tend to show unique characteristics of having
rather violent pullbacks and retracements. Although once they are on a
trending / impulsive mode; they almost never give you a second chance to capitalize
the impulsive legs of the move. That said, IMHO, it is important to
position oneself (be it on an intraday basis or positioning for medium to
long-term movements) correctly when the market is still making attempts to
resolve itself during corrective mode. As I am a great believer in wave
counts and specifically in pattern recognitions; it is through pattern
recognitions that we will be able to ‘define’ the characters of a particular
market. Please refer to the attached gifs. Being a metal market, by
nature, it just enjoys its usual behavior in squeezing / taking out the longs
and shorts before the real move materialize. The attached gifs are from
the Gold market; this corrective pattern is self explanatory on the gifs. I use
the label 1-2-3-4 to let the reader easily identify the ‘intent’ of this
pattern. From an Elliott Wave perspective, this is the irregular
corrective pattern that can easily replace the 1-2-3-4 into a-b-c. The
Comex Gold 100 oz. has a very high tendency to perform this corrective pattern
in all timeframes. Hope this helps. Take care.
Have a good one
Jeff Harteam
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