Thanks for the views, likes, and the rare comment. I am sharing this for my own education, to enable easy tracking and accountability for whether my targets were near or way off.
I'm a fan of gold, but am not willing to buy physical gold in the current environment. At the moment I am looking to enter short (paper trade only) to exit around $1218 then enter long (real trade) once sub-wave 1 has formed up, sub-wave 2 retraced, and then price action broken the sub-wave 1 high with conviction (targeting around the 1:1 wave A extension) and then looking to enter a short position (real trade) for the full extent of wave (5) down to ~$1196 (or lower).
After the small move down to $1218 the daily RSI will be ~30 which would support the view that there will be a bounce of some degree. As long as the top of that bounce is below $1236 it would be the sub-wave 2 extreme that will form the basis for the wave (5) decline to sub $1200 prices. The full intermediate degree move would then form the primary degree wave 1 down in my sub $600 scenario for the next few years.
If price breaks above $1236 in the next week then I will have to re-assess as it would invalidate a lot of my targets. Once correction - the wave (4) extreme is $1235.3 as opposed to the 1234 amount written by me on the chart)
This is 100% technical analysis. Happy trading
I'm a fan of gold, but am not willing to buy physical gold in the current environment. At the moment I am looking to enter short (paper trade only) to exit around $1218 then enter long (real trade) once sub-wave 1 has formed up, sub-wave 2 retraced, and then price action broken the sub-wave 1 high with conviction (targeting around the 1:1 wave A extension) and then looking to enter a short position (real trade) for the full extent of wave (5) down to ~$1196 (or lower).
After the small move down to $1218 the daily RSI will be ~30 which would support the view that there will be a bounce of some degree. As long as the top of that bounce is below $1236 it would be the sub-wave 2 extreme that will form the basis for the wave (5) decline to sub $1200 prices. The full intermediate degree move would then form the primary degree wave 1 down in my sub $600 scenario for the next few years.
If price breaks above $1236 in the next week then I will have to re-assess as it would invalidate a lot of my targets. Once correction - the wave (4) extreme is $1235.3 as opposed to the 1234 amount written by me on the chart)
This is 100% technical analysis. Happy trading
Trade closed: target reached