Gold - bulls may need 1100 before showing up
In my view Gold is still in bearish mood while under 1151 - above which would confirm invalidation of the bearish wave count. Bulls can also turn this around if there's a valid impulsive move upside and beat 1144 (and thereafter support the 1122 low). Neither of which has happened so I'm still short and adding short positions around 1140s area for the next wave down.
The next bear target is 1104 -1099. This area marks the last resistance that gave way to the Dec 2015 bull run. That in itself should give a technical bounce back to 1170 area.
The next bear target is 1104 -1099. This area marks the last resistance that gave way to the Dec 2015 bull run. That in itself should give a technical bounce back to 1170 area.
Comment:
My tracking on lower timeframes to load in more shorts at C
Comment:
Wedge breakout setup:
I'm interested in selling when price hits the blue vertical lines area. Whatever that level may be, I'll be loading shorts in.
I'm interested in selling when price hits the blue vertical lines area. Whatever that level may be, I'll be loading shorts in.
Comment:
Market is shut on Monday so I'm looking for this to happen on Tuesday.
Merry Christmas all.
Merry Christmas all.
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Comment:
Im traveling right now tracking positions on mobile so cant update charts. Im getting ready to short within next couple hours, (end of euro session into new york) preferably at or above 1151. Despite my bias that bear is below 1151 - wave counts can always manifest themselves differently.
This short is based on the last update wedge breakout and i like the risk to reward (sl is above 1159).
This short is based on the last update wedge breakout and i like the risk to reward (sl is above 1159).
Comment:
TP'ing some shorts and leaving the rest at breakeven. I'm toying with another wave count which is quite valid:
The short entry is near 1155 (historically gold made highs here off 1120 rebound). SL must be above W1 low (1158/59). I'm still seeking the finale bear move near 1100s or at least fakey bear that stops at 1118 (or fails to break 1116). Then I'd be more comfortable going long for Q1 2017.
The short entry is near 1155 (historically gold made highs here off 1120 rebound). SL must be above W1 low (1158/59). I'm still seeking the finale bear move near 1100s or at least fakey bear that stops at 1118 (or fails to break 1116). Then I'd be more comfortable going long for Q1 2017.
Comment:
As per last chart tracking I'll be tp'ing longs 1150s and shorting in those areas.
drive.google.com/open?id=0B2OvFc...
drive.google.com/open?id=0B2OvFc...
Trade active:
Finally, proper shorts are in 1154-1157.
Comment:
I've TP'd longs here and due to this resistance (1180):
I'm looking to buy 1140 support area for blue bull path. But I would've preferred bulls to not hit this high so early in the year.
Red bear path is possible because a double bottom bear is usually the best way to get bulls in. We will have to see the pattern that forms off this retracement.
I'm looking to buy 1140 support area for blue bull path. But I would've preferred bulls to not hit this high so early in the year.
Red bear path is possible because a double bottom bear is usually the best way to get bulls in. We will have to see the pattern that forms off this retracement.
