chessnut

XAUUSD swing to 1200 may have begun - primary count down.

FX:XAUUSD   Gold Spot / U.S. Dollar
256 1 3
I recently published two EW analysis of gold             bearish triangle situations. last night, gold             hit the top trend line of the smaller scale triangle, completing the 'e' wave, and now we have a primary to the down side. this suggests that a larger (C) of wave 'D' of the larger triangle is under way, targeting cerca 1200. although the scale is small regarding the primary, this trade is part of a larger high confidence set up shorting under 1305, and on a larger scale, under 1375. targeting 1200 from here gives as astounding 1:9 risk reward ratio. I am aggressively short from 1302. To enter short, I would look for an abc to robust fib retracement as illustrated, or I would sell and hold tight on a breakout below 1292.
I think we will see 1272 in less than 48 hours
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