Gold has made a wave 3 topping likely at the 1.618 extension of wave 1.
The next wave will be corrective , against the trend , with wave 4.
Wave 4 will travel usually to wave 4 one degree down and towards the .382 retracement of wave 3.
With this in mind, if you are okay with a countertrend trade
1. Enter now
2. Stop - above wave 3 @ 1296
3. Target 1282
Risk Reward 1.5+.
The next wave will be corrective , against the trend , with wave 4.
Wave 4 will travel usually to wave 4 one degree down and towards the .382 retracement of wave 3.
With this in mind, if you are okay with a countertrend trade
1. Enter now
2. Stop - above wave 3 @ 1296
3. Target 1282
Risk Reward 1.5+.
Comment:
Gold has setup a triangle , which is very evident on the 15min chart. Point C is 1290 and point B is 1294. A break of Point C is required to confirm the short , if not already in... A break of Point B will invalidate the short.... U will look for long... :)