wayusa

Short Gold @ 1229.5 after Bearish Crab pattern completion

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Potential reversal in gold @ 1226 -1231 area
Comment: Good long trade from risk-reward perspective is possible here. Price is supported by trendline, 200 MA and last but not least this EW count ;)

Comment: Another possible EW count I watch, suggests Gold might be in a corrective W-X-Y sequence already denoting running flat as W and possibly zigzag as Y. This may take us lower, to 1190 - wave 4 of (5) from previous structure and 0.236 retracement level from 1207 high.

Comment: No sign of reversal, don't catch a falling knife

Comments

@wayusa, indeed, i also noticed that the diagonal formation was wrong after posting it here! Yet again, i'm still learning EW. Thanks again for your time. I do think, wave 5 is missing. Your (3) i have it as an expanded 5, cause this way, it seems too short. You can contact me for any questions or notes. I'd be glad to discuss ideas with you! Cheers
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Hello, nice work! I've recently followed you and have similar views. What can you say to this as an alt count? Appreciate your time
https://s3.amazonaws.com/tradingview/snapshots/c/C3LyKx2i.png
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wayusa AlejandroCL7
@AlejandroCL7, thanks mate! Obviously, you know better then me that wave 4 never moves beyond the end of wave 2 in a diagonal formation.

Also, as you noticed our count of (1) - (4) differ. It was a bit tricky to define the starting point of this trend. I think this might be the source of this difference. But in my own defence I should say I was very scrupulous counting all the subwaves at the lower timeframes :)

From this point I think there are two possibilities - either we will reverse @ 1190, as I mentioned in an alternative count for this idea, or we can travel the whole distance to double top target 1170, where wave 4 rests.

Cheers!

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