NileshThete
Short

Gold...Good Short idea...

FX:XAUUSD   Gold Spot / U.S. Dollar
288 2 5
After 5 wave fall from the high of 1992 to the low of 1045 in dec 2015 (A)...We have completed a 5 wave countertrend move A of (B). Now we should retrace this move in 3 legs B of (B) upto minimum 50% that comes to 1200 lvls.
Very good chart and thanks for sharing!
how did you negate that (from this chart) 3 as A, 4 as B and the latest high as completion of C? just a thought. i believe we've started the downtrend towards 990 and currently in Wave 1 which should complete in the next week.
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There are two reasons why I am not considering that way..
1.The 5th of (A) is an ending diagonal (ED). after ending diagonal countertrend move has to reach atleast the start of the ED. We have reached there with this countertrend five move. Now every five wave move needs correction by 3 wave move..
2. We have hardly retraced 38.2%..

What you have pointed out cannot be ruled out 100%..We will assess the price action...whether my count is right or yours...direction is still down in both views...Later on we can see the price action and confirm..
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