As always I did Saturday Analysis, I will update new idea on Monday, because if there is a gap, recalculation comes in and may change the situation.
What I can tell is that I don't like Gold closing here because that moves wave 6 down, what means we can slide and slide lower and lower, and a lot more power will be needed to get higher, since we have pressure up there tightening.
But still the last man standing 0% base is intact ( not broken ) and while it is not broken bulls are in safe zone.
eur/usd has some serious support underneeth it as well.
First of all I will be watching for the price reaching levels.
It works like a signal.
I will be watching these both:
If market reaches Heading towards daily, I may go for sell, because Temporary Direction suggests the same.
If Upward temorary direction completed, follows the downward temporary direction.
Other than that if price drops to buy zone, without reaching HTD first, I go for buy, and place second entry at 1336.00.
We can see Wave 6 mooving lower, these 3 bad boys will be tough ( or I should say - should be tough. )
As well wave 5 remains the same, thats why break downside from wave 5 should make bulls panic.
Current Gate ( AFT Price Gate ) is showing serious support at the same zone where 0% base from wave 5 is.
At the end I want to say that Overall atm Gold has entered Bear zone, and even if it tags the highs that people are talking about here ( 14$ and higher ) It will fall down like a rock.
But I trade what I see, but longer term view for gold is not so promising like many here thinks.
I am looking for Gold to tg 1370 and if it happens, I will be starting to look for Long term Sell entry at the Top, and add more as we go!
Happy weekend, and thank you for your support.