waleedkhan
Short

Revision of Previous EW count

FX:XAUUSD   Gold Spot / U.S. Dollar
My previous Ew Count is still in tact as long as we don't get a close above 1312...& if this is true then the next leg is very bearish (target c).

However it is always good to do an alternate count... and according to that it is possible that a new impulse wave structure has started; right now we are in a symmetrical triangle (which could be either the first or 4th corrective wave); implying that there is more upside..However if this does hold my 2nd area of support is between 1295-1301 (and if this does not hold) then we are definitely going down to 1260-70 levels...

Some considerations to support a bearish bias:

Usd index has been taking off the past couple of hours... (also aussie is faling from a cliff             )

S&P500             and other us markets closed with a morning star today; we need to see a rebound and a close above the star for a confirmation that a rebound is around the corner.

Oil             has completely negated the geo             political tensions....
The count has been invalidated...

the alternate count is now in play...with 1280 at a solid bottom...

I think we don't need to fear more downside than 1280 anymore!
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