As GOLD is retesting its previous week's high at around 1985 area which is the first significant resistance level. Therefore, it is more favorable for the bears to re-appear to start scaling in short/sell positions again
Plans:
- Scaling in short/sell positions in between 1975-1982
- Stop Loss if the price breaks 1985.5
- Take profit at 1955, 1940 respectively
SLOW and ZIGZAG MOMENTUM in GOLD clearly denotes that underlying correction is going on.
Wait for wave '54' completion this week and take your short position. WAVE '55' has potential up to $1450.
CORRECTION in gold will continue till MAY2022
I know this will be controversial but I have noticed that there's a series of cups and spikes in this chart. The top of each cup always forms at approx 350% and each spike goes no more than 650%. We seemed to have reached the top at 650%. The bottom of the cups are always formed at approx 172% from the previous bottom of the cup. Looks like there may be a double...
Sales range: 1912
Targets: 1905- 1898- 1893
Stop loss The first goal: the profit to loss ratio is 1: 1 (1919)
If the first target is touched (close one third of trades)
Stop Losses Second and Third Objectives: 1912(Entry Range)
, If the second target is touched (close another third of trades)
And if the third target is touched (close the deal)
