Momentum Gold is slowing down and got rejected

In the past month or so i gave a fractal where we caught the reversal around the low. Taking profit during the movement and adding again, giving it a decent chance for the fractal to play out. But the past few days the rally has slowed down a lot and we got a big rejection today as well with that big red candle. So it's very likely we will see another drop soon.

I am going to wait a bit before entering, think we can move up a bit and test resistance before dropping again. I will close half around the target on the left and i will keep the rest running for a possible bigger drop, maybe even towards 1200/1210.


Previous analysis:

Order cancelled:

Sometimes we get a worse price by waiting, but this move is exactly the reason why i say wait first. Squeezes like this don't happen much, but it sucks have short in upfront and getting stopped out within a few minutes. Always need some rejection, at least on the 5m chart.

Still inside that possible big wedge, but i am going to leave it for now. see how things play out first