AndyM
Short

Preparing to short gold, target 1060

FX:XAUUSD   Gold Spot / U.S. Dollar
182 5 9
Here's the labelling for Gold             , it's upper C leg is soon to be completed and we are going to start the last wave 5 of an ending diagonal , target 1060, 2nd half of November.
Andy how close are we in your opinion to completing wave 5 of C? Are we going to extend lower from here and how far target wise end time?
Reply
hi, I would expect the following price action in the next 2-3 weeks:
snapshot
Reply
We are now somewhere within wave B of 5 of the ending diagonal. I hope to see an upswing larger than what we have so far, followed by the final decline in the new lows. We should ideally false-break the lower channel line and should very swiftly spike upwards. The timings of this price action are hard to predict exactly but my guess is this will certainly happen close the the FED meeting mid Dec.
Reply
Ranngo AndyM
Thanks Andy. Sorry i posted in oil section this question but you think 960 would be too deep of the target for 5 of C ?
Reply
yes, too deep, I think. 1020-1040 are more likely.
Reply
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