Gold short-term SELL setup

Arguments:
- trendline of 3rd (yellow) wave is broken.
- divergence in 3rd and 5th wave(green) tops(12 and 17 jan) inside 3rd wave extention(yellow).
- ABC (3-3-5) expanding flat pattern. wave B is still forming.
- wave (c) (inside B wave of ABC pattern) is a diagonal.
sell it when line conecting 2 and 4 wave's ends of diagonal(green) is broken,
wave C should be a 5 wave impulse or a diagonal.
wave C should correct extended wave 3(yellow) by smth like 38%, and should finished inside wave 4(green) of lesser degree.
after that wave 5(yellow) (up) should be.
Keep an eye on it!
Good luck!

Comment:

there is an possibility, gold makes one more abc up(5th diagonal wave) before going down.

Comment:

looks like zig-zag pattern.
flag breakout will be a confirmation.
gold may drop well below 1991

Comment:

possible scenario

Trade active:

1991 target is reached
next one is 1174

Trade active:

looks like gold completed corrective structure.

Trade closed: target reached:

I've just looked at my 1st gold idea.

Original price target was wave C = 1.618 * wave A = 1180.7

looks like ABC correction(wave 4) is nicely done.
so, wave 5(up) unfolds.
targets for wave 5 are 1221 (100% of wave 1) and 1246 (161.8% of wave 1)