cbud
Short

Gold C wave up to test max valid fractal ratio limit for a (iii)

FX:XAUUSD   Gold/U.S. Dollar
320 4 14
The 32.20 resistance level was taken out. The rocket blast-off NFP candle reveals a confluence resistance at 49.04.

The trade here is Bullish until 49 and then very Short bias for the wave (v) down to lower lows with buy stops behind the spike highs at 60.15. What's nice is that wave (iv) up is likely to not drag out forever.
Truth is what happens in the real world; not necessarily words from a book.
pmcllc PRO
8 months ago
short entry at 1250-1260? TP1 TP2?
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cbud pmcllc
8 months ago
wait for a turn confirmation on the 5 min. no target yet because the wave iv high is not formed yet. there is an just incomplete impulsive c wave up. target will be an expansion confluence post after iv is in
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cbud
8 months ago
15min chart count fix. I thought that overnight low took out the wave c lows. I thought it did, but it was after hours Thursday evening so I didn't notice it.
I relabeled the working count.
In any case, the message is still the same. Up until major ratio confluence resistance and then looking for a turn down.
snapshot
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cbud
8 months ago
That wave 5 of C up is really close to the resistance confluence level. I'd call that wave C done with the strong 5 min chart 5 impulse wave down forming. The resistance target is untested so an Expanded flat B wave up in 3 subwaves to test it 49.04 is still a possibility, so any shorts, keep stops a tick spread above the Blue wave 2 from the decline.
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