XAU/USD: Shark to complete a wave 1 on Gold?

FX:XAUUSD   Gold Spot / U.S. Dollar
389 0 14
GOLD broke out of the triangle earlier today and could now be in a wave 5 of 1!

A little higher we have a possible shark completing (min. requirement 1.618 ext. at C, 0.886 of 0X). This might be a good level for a short to catch a possible wave 2 and completion of a 5-0 pattern (PRZ = 50% of BC             and/or completion of reciprocal AB=CD at 0.618 ret....)!

The short setup on chart shows the ideal entry but it's always wise to wait for confirmation in the form of ending- or reversal patterns. SL for that short is tight above 0 of the shark , a wider SL should be set above the 1.13 ext. of 0X).

If it works out and we complete the 5-0 pattern this will give us a good longterm long opportunity up towards the 1400 region. There is also the possibility of a trendline re-test at that level and also possible support from earlier structure lows (November 2014-March 2015 levels). The long entry on chart is an approximation based on this structure but again it's wiser to wait for confirmation instead of entering blindly with a buy limit order at exactly the level of the setup on chart...

Watch out with this shark , completion at the 1.13 0X ext. is possible and would be a good level for a new high in a possible forming Quasimodo pattern... This has also been quite a violent impulse up, the trend is clear and the retracements were very limited... Because of that I believe the tighter SL is better and if it goes beyond that SL it's still possible to short again higher up after confirmation in the form of ending- or reversal patterns...
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