cjwaves

last chance bulls -- swing to 1320ish

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
192 views
3
Just a trade, dont stay in because longer term this does go lower, first we have to shake off some bears, and there's a lot kicking around lately
Comment: with the high above B, the triangle is broken, i did take profits because i could count five waves to the top, currently we have 3 waves to around the .618 retracement of the most recent rally, its becoming less likely we will see an 4th and a 5th as time moves on so we may in fact already have entire ABC correction, i continue to expect the price is most likely to rise above 1310, however the triangle above is no longer valid and one should not expect the sidways price action as illustrated

Comments

best guess at the moment, another 3 wave move to 1265-1270 seems the most likely to me before a larger, also sloppy rally, continues...there is the potential to rally from today however, a weak looking 3 wave move to the b area will have me heading for the exits in search of better things to trade
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