gold h4 5 waves sequence short from resistance

🔸Hello traders, today let's review 4hour price chart for gold. Downtrend in progress
currently, however oversold conditions so a bounce is likely/possible short-term.
price chart is still weak and expecting more losses in this market after the bounce.

🔸Recent downtrend is defined by 5 wave sequence, currently wave 4 bounce
in progress, expecting wave 4 to complete near 1875 usd later, and downtrend
will most likely resume in wave 5 of the sequence. the bearish sequence may
get invalidated if we get a daily close above 1885 usd, however right now recommend
to focus on shorting from overhead resistance.

🔸Recommended strategy bears: short sell from overhead resistances near 1875 usd
fixed stop loss for this entry at 1890 usd, TP1 bears is 1800 usd TP2 bears is 1775 usd.
wave 5 of the sequence should complete near 1775 usd. a/b/c correction will likely
follow, so stay tuned for further updates. good luck traders!

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Comment:

wave4 bounce currently in progress

Comment:

usdcad daily short rips/rallies tp +250 pips