- Only entering on 4hr price action confirmation at 1 of our 2 valid potential entry points as seen on chart.
- Use appropriate risk and trade management.
- Setting various short term targets and taking profit on the way - swing targets shown on chart
The price of gold has not been able to overcome the key level.
The price has lost its stability and begins to fall to its target,
but the fall will not be uniform.
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This idea does not provide the financial advice.
Do not be delusional and short it to the ground !
There is one way to go and it is DOWN !
Obviously not a financial advice. Trade at your own risk!
Thoughts of a lunatic, who gets to make the right guesses from time to time ;)
After a price hike, gold seems to lack the energy needed to continue on the uptrend and should gain it with a short-term price drop.
It looks like the downtrend is going to the old uptrend and it might even break down to 1440$, Gold needs a correction to continue the uptrend, and I think we'll stay in a downtrend for a few weeks.
Bulletins for clarity:
1. Overall count is an impulse wave vs ABC.
Justifications for an ABC:
1. C wave hits a corrective 1.236 ext with a completed 5 wave structure
2. B wave is a flat and separated by larger time than a normal wave 2 typically is
3. The count from all time high is coming down with 5 waves; Starts with 5 waves, ends with 5 waves, meaning...