GOLD: Structure Short

OANDA:XAUUSD   Gold Spot / U.S. Dollar

hey traders,

on gold we see almost completed bearish bat pattern.

Pattern completion point matches perfectly with a horizontal structure.

Entry - 1512

Stop - 1522

T1 - 1502
T2 - 1492

Oct 25
Trade closed: target reached: T1 reached
Oct 26
Comment: new analysis
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Well play amazing. Thanks
Not only does the gold chart show a text book e-wave third leg, but the market fundamentals support a stronger gold. (over subscribed Repo market, looming rate cut, S&P earning recession on Q3 earnings)
MEGALO1 rwoods187
@rwoods187, I'm with you all the Woods, my sediments precisely I do not study the Elliot wave theory but you are correct in your analysis of the situation. Megalo :)
lets bank this money set your chart tp to 1440
NO NO NO xau/usd will RETRACE back up 1530 level before a pull back of 8HR ma equilibrium . One Must step back a few paces before analyzing the big picture??? Bats won't work on prime metals? One other thing, what is working on 4hr time frame will not let you see the forest for trees> MEGALO :)
zabee MEGALO1
@MEGALO1, haha... only be selling from this point @1503 in my view there is no way to go above 1520 before big drop to 1440, enjoy and sell it... big boys LOL
Considering this theory, a stop level of 1527 would be more appropriate to confirm a bullish trend. At that stop level, the trade risk doesn't out weigh the potential profits.

Long gold
MEGALO1 Mccdaver
@Mccdaver, amen brother:)
@VasilyPonomarev you are a top trader !!
Perfect analysis!!!
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