Heading towards strong resistance zone - Bearish harmonics

Gold's rally, started near 104 with the completion of the bullish Crab pattern, is about to reach Targets 2&3.
The zone between 112$ and 114$ is a strong resistance zone that $GLD will have to face if it intends to breakout higher and continue its correction wave.
As long as $GLD is below 114$, I focus on the bearish side and the 112$ - 114$ zone presents very good shorting opportunity with appealing R/R

The bearish elements:
- Target levels of bullish Crab (profit taking)
- Completion of two bearish patterns ( Gartley and Butterfly )
- The 200 SMA line
- Downtrend line
- Structure

Potential targets are 110$ and 108$.

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Comment: $GLD inside sell zone
Similar view, can rally pretty hard to these targets:


Not taking the long side meanwhile?
IvanLabrie PRO IvanLabrie

That should work.
I've kept small position open. Took majority out when it reached 110
IvanLabrie PRO themarketzone
Check this thing out:
Interesting... you got to use a bigger font :)
+2 Reply
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