I entered this bear trade on 2.3900. Why? I think the odds are good it will reverse back to the bottom of the trend line. As it tried to break the line for almost 90 minutes, but unsuccessfully. Technically we also have a divergence on the RSI and WaveTrend Oscillators. The major indices don't show strength either, so this could also have an impact on the copper...
We are approaching the upper trend line, and it has shown resistance before at this line. Therefore I believe shorting gold is a good idea, and if it breaks the trend line you have placed a stop-loss around 1710-1715.
If it goes down and you...
finish at 1695, you have a ratio of 3x
finish at 1675, you have a ratio of 9x
(both are support levels)
Maybe this is the start of wave C. It's not impossible due to the very fast bounce back we recently have seen, but we must first break the bottom of the trend line. It's close! Due to the current circumstances, I don't believe we will break the last bottom, 16th March. Hopefully, we still see a heavy drop.
