Night_Trader

Big Volume to the downside...

Short
COMEX:GC1!   Gold Futures
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2
Big Volume to the downside could indicate a second leg down. The AB=CD would terminate around the . 618 retracement from XA. Target could be there or a bit higher at the 0.272 extension of AB.

Stop above the big volume day. R/R = 1.5
And the trendline break should not reverse too sharply now.

Comments

Nice Work congrats........
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Agreed, trendine is broken. Target looks good too.
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Quite possible. I am of the opinion that from the low @ "x", it formed a triangle, if that is correct it only appears in wave B, so the rally since is wave C resulting in recent high. Hence I think we will get triple zigzag wave wound to summer low before commencing proper upside move. However, your anticipation target is quite reasonable. Great work.
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