SergeantPringles
Short

XAUUSD - 15M - More downside?

FX:XAUUSD   Gold/U.S. Dollar
192 0 9
We recently saw the break of a relevant 4h trendline . Currently we are sittin in consolidation. If we break this consolidation to the downside i will be looking to sell anticipating another bear impulse.
Keep in mind that the overall trend in gold             is up now and this break will most likly only indicate a longer term abc correction (on the daily timeframe ) since that massiv upmove so far this year. after that i expect gold             to go higher.
Comment: now that we coming down. i think its time to talk abit about targets. We are currently sitting in what i think will become the A move of the bigger daily ABC correction. that being said, i think we will see a bigger correction somewhat soon(on this timeframe) that then becomes the B move. that means i suggest not goin too greedy for big targets. i will have my targets based of inverted extentions of the shark like AB leg just before the 1414 and the 1618 - due to the lack of better reasons to place those targets.

but a simple 1:1 and 2:1 - two target setup will work as well.
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