This is an idea for an ABC movement in the price of Gold. Consider an amalgamation of ideas.
1. Elliott - we may have completed the 4th wave and entering the 5th wave down.
2. Wyckoff - maybe we have just seen the last point of resistance.
3. Rising Channel - with completion of e leg and retest of mid channel before price moving down.
4. Simple ABC - would see a target price of 2226.
The short trade on the 1 hr chart is as follows.
1. Enter - $2335
2. Stop - above D leg at $ 2355
3. Target - $2225
4. RR = 5
1. Elliott - we may have completed the 4th wave and entering the 5th wave down.
2. Wyckoff - maybe we have just seen the last point of resistance.
3. Rising Channel - with completion of e leg and retest of mid channel before price moving down.
4. Simple ABC - would see a target price of 2226.
The short trade on the 1 hr chart is as follows.
1. Enter - $2335
2. Stop - above D leg at $ 2355
3. Target - $2225
4. RR = 5
Comment:
Price has broken the upward channel and is now meeting resistance at the Wyckoff support level. It will likely consolidate briefly, before the markdown continues. This can be a good point of entry, and set stop above e point, to target the same level.