A few things to note about the explanation of a Dragon fly doji. I bolded them in the copied expanation below. A Dragon fly does not signal a bottom and needs future confirmation of a reversal. I am sure you know this already but I posted it anyway since it may benefit somebody else.
Dragon fly doji form when the open, high and close are equal and the low creates a long lower shadow. The resulting candlestick looks like a "T" with a long lower shadow and no upper shadow. Dragon fly doji indicate that sellers dominated trading and drove prices lower during the session. By the end of the session, buyers resurfaced and pushed prices back to the opening level and the session high.
The reversal implications of a dragon fly doji depend on previous price action and future confirmation. The long lower shadow provides evidence of buying pressure, but the low indicates that plenty of sellers still loom. After a long downtrend, long black candlestick, or at support, a dragon fly doji could signal a potential bullish reversal or bottom. After a long uptrend, long white candlestick or at resistance, the long lower shadow could foreshadow a potential bearish reversal or top. Bearish or bullish confirmation is required for both situations.
if indeed the rally is wave B of an expanded flat (which it very well could be as per the presence of the triangle as b of B) then levels to watch are 1158 and 1198. these are the 127% and 138.2% levels of wave A.
Jamie Saettele is the author of Daily Technicals, Currency Crosses, and COT on DailyFX.com. He is also the author of the recently published Sentiment in the Forex Market.
Interesting Gold Chart Mr. Wilson --- I still think price is due for a pull back, but that coming pullback should offer the long opportunity of the century... With price breaking above the "B" wave high, bulls are now 100% confirmed for a big move upwards toward $1800/oz over the coming years...
Thanx for posting that chart ---> Here's my take on it --->
if indeed the rally is wave B of an expanded flat (which it very well could be as per the presence of the triangle as b of B) then levels to watch are 1158 and 1198. these are the 127% and 138.2% levels of wave A.
Hey Jamie,
I think your target projections are again pretty friendly.
IF C triangle on OIL count is right,then final 5th in oil with thrust off a triangle,could be wild and long(5th wave in commodoties) and that in my opinion could potentialy create a robust 5th on Gold too.
It seems Cocoa has topped....Cocoa and Gold have been riding on pretty much same structure since the top last year.they've been both forming an Expanded Flat.(it is obvious on Cocoa).
The EWI 'ers seem to be looking for a "double retratment" that may never come.
There's a host of other count options rather than a B of a flat or running tri...
For now the Simple measured move target gives 1175 area on GC #F
Interesting Gold Chart Mr. Wilson --- I still think price is due for a pull back, but that coming pullback should offer the long opportunity of the century... With price breaking above the "B" wave high, bulls are now 100% confirmed for a big move upwards toward $1800/oz over the coming years...
Thanx for posting that chart ---> Here's my take on it --->
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Originally Posted by CodyB
vincy
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