I noticed that the ideas with best titles are simply not working or start to work only weeks later. So this time there will be no title and hopefully I can break this rule...
Just as I expected in the previous ideas gold is trying to test back the last DCL's level at 1260,5$. In the meanwhile the 200 SMA is almost at the same level (1261,4$) I think today finally we will get the tag of 1260. If we break it significantly and drop below the 200 SMA a lot of bulls will give up the fight and we have a good chance that the panic selling starts. As this flag was very frustrating the break down of it should be a fast move: so in 2-3 days (sometimes next week) we will be testing back the triangle trend line at 1240-45. It is the same level where Kim JongUn started the nuclear game in the summer. It was the mild DCL what I missed in late July or early August. Once that level breaks there is nothing until after 1206 the summer low. By that time the bears will be coming out of the caves crying for the sub 1000 $ level again. That will be our time to close the shorts and go long again.
The only question where the panic selling will start : at 1260,5 $ or below 1240-45$... I'm quite sure the hysteria will break the summer lows at 1206 and we will test back triangle trendline at around 1190$.
SHORT follow through we are short from 1295$.
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Waiting for the close. Still in the money. Going to be tricky.
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Yesterday’s bounce was the preparation for the panic selling. All the bulls on the train so tge drop csn begin.
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The wedge is going to be ready soon.
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This time market preceded me. Traders are more and more nervous in the tightening wedge
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Breaking down. Let’s see if it’s significant or not.
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Significant. But I called a few hours earlier again... bad call ! :D
Arpi, I think its a 3 wave correction (we will tag 1305 first) then Fall
UnknownUnicorn540299
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@AhmedKhattab, The circled area is a flat correction. Either current pattern is a ABC correction of a W3 (where we are in C) or ABC complete with a complex 3-3 unfolding is my take.
chartwatchers
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@AhmedKhattab, not sure they are going to give us the tag of the previous top. I’m calling for a bull massacre in 2 weeks( probably starting next week) from now
BjornPfaff
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Arpi we already making a daily bullish engulfing , you lost a lot of profit .. should take profit at 1265 where we had the triple bottom, we have a breakout from the 4hr trendline . 1300 is on the table now.
shinsky
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@BjornPfaff, Sorry brah, you're wrong! It was a bulltrap!