Gold formed mid term bearish Wolfe Wave (WW) pattern (orange).
If successful, it may become a part of a larger yellow bearish WW formation - looking forward for 1295-1300 later.
Recently, opened SELL at 1265.56 SL 1279.04 TP 1238.54
Gl All!
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Minor orange WW was not successful and was closed after breaking the peak at point 5 manually. Currently, yellow Wolfe wave is reaching the level of potential short entry of 1295-1300. However, it is possible that the price will start reversing only at sweet zone (1330) later - waiting for the price to make clear peak at point V and the reverse move to be supported by volume to consider any sales.
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Divergence and volume are supporting possible formation of the peak (point V).
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Shorts from 1291.19 closed at 1285.64. Should have kept at least one remaining position to move SL to break-even. However, it is likely that the price will pullback from its current move and depending on the situation and as long as the yellow WW is not broken, new shorts may be considered.
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The price keeps following the greater daily yellow Wolfewave pattern. After today's sellout, minor purple bear Wolfewave was formed which is an opportunity for a quick short - entered sells @1276.62/73