How Elliot waves showed me my next gold target

Basic Elliott wave theory has provided John C Burford with the holy grail of all swing traders, a high-probability/low-risk entry in the gold market. Here, he explains how.

Today I want to follow up on the gold story, since it is a superb real-time example of how I use basic Elliott wave theory to provide me with a roadmap of the terrain that lies just ahead.

The great benefit of this theory is that it gives fairly precise indications of what to expect in terms of the various waves, both up and down. And by incorporating Fibonacci retracements, I can have a good idea of the price level where I can expect the waves to turn. This gives me a high-probability/low-risk entry the holy grail of all swing traders.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.