Today is a magic day, I have waited to post you this trade for months. The last big guys on my radar are SP500 and NQ but there are not ready for now !
So about Gold : After years of consolidation (first a bottom range, then a breakout). Gold has finally reach today the magic 0.618fibs and complete, at the same time a perfect 1.23 fib extension on logical to achieve his ABC correction of a "potential" major B wave. If you want to compare with crypto, BTC after falling to 3300$ had reach this 0.618 too and then fall around 50%.
"Potential" because at the time of writing, it's more or less impossible to predict the exact religion of the C, but one thing is sure for me : in this price structure, there is now a perfect trade with low-risk/high-gains ratio. A ratio with potential more than 1/10 reward.
Indicator confirmation : RSI shows bearish divergence with potential H&S.
If you like the idea, please support my (free) work with likes, comments, follows and shares ! Feel free to ask additional question. I'm always trying to answer you under my char or in PM.
AGAIN THANK YOU FOR YOUR SUPPORT, WE ARE NOW MORE THAN 1500 !
In description you will find my others actives trades which are still in play for now ! (BTC, GBP, Silver, stocks)
DISCLAIMER : I'm not financial advisor. I can"t be responsable for your losses. You trade at your own risk. And short is always risky ! I'm do it for my personal entertainment.
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PLEASE READ THE CHART : C WAVE is a "POTENTIAL MAX TARGET PROJECTION" thank you by advance !
Don’t waste your money on this trade, your Rsi, and other indicators isn’t going to indicate a huge risk off move where gold drops 50% lmao, also have you been following the news Iran/US you must be drunk trying to short gold for a 50% drop
KassandrA_dotcom
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@mightyfinez, As indicated under the chart, i'm not saying a 50% correction is necessary due. Please read it again. What i said is in TA perspective the entry point is gorgeous. The invalidation of the trade will not cost a lot.
mightyfinez
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TA doesnt predict a drop in GOLD that big homie, when you are trading the Weekly you need to look at fundementals (macroeconomics), Elliot wave isnt going to solve the tensions between Iran and the US. Personally I dont think Gold will drop fundamentally and technically
KassandrA_dotcom
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@mightyfinez, Then we will see ! Time will show us the answer
mightyfinez
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There is no way lmao
KassandrA_dotcom
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@mightyfinez, Yep, i know pretty much everyone is currently bullish on gold. But this trade is in TA perspective perfect, can't mean it will fall for sure.
theeverythingbubble
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Take a look at the FED’s repo balance sheet and tell me if you still think this is gonna happen.
theeverythingbubble
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@theeverythingbubble, all these people and their Elliott wave theories Lol they rarely ever turn out
merochero
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you are outa your mind... good luck getting reamed on your short.