Pip_Artist

Pip_Artist

IDEA 1 Wave 1 - Extended (50% of rally) Wave 2 - Shallow (0.236%) Wave 3 - 100% Wave 4 - 50% Wave 5 - 0.618% ABC - 50% IDEA 2 Wave 1 - Impulse (0.382% of rally) Wave 2 - Shallow (0.236%) Wave 3 - 1.618% - Extended Wave 4 - 50% Wave 5 - 0.618% ABC - 50%

Pip_Artist

Longer term forecast with 2 possible (OVERALL BULLISH) routes heading into the coming months.

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OVERALL BIAS = BULL 1. UP TO 1.97-1.98 2. UP TO 1.95 (FAVE) 3. DOWN TO 1.89 4. DOWN TO 1.865

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If some bearish divergence shows up on the daily chart we could see some downside to 30k where I'm sure a LOT of interest will be waiting. ================== Please take it with a pinch of salt as we all know that ANYTHING CAN HAPPEN.

Pip_Artist

Looking for shorts today, pushing deep down to 1.85.

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Two possible routes for Intraday shorts during 6th Jan 2021

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Big guys have to fill

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If it shows up, I'll take it for a 2R.

Pip_Artist

ABC correction down to Weekly Demand area. Confluence with 0.618 Fib, ABCD 1.0 and 1.23 handle

Pip_Artist

ABC correction down to Monthly Demand area (navy). Convergence of 61.8Fib, 1.618 ABCD and 1.10 handle to firm up area further.

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Short term short. Long term Long

Pip_Artist

As per the previous Idea (link below). Looking for ABC completion down to 50% of previous 5 waves up on DAILY. We have made it about halfway down so far.

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Expecting a retracement into Weekly Demand coming from a very strong Monthly Supply Zone

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Even though there could be further upside on the Gold this week (a possible pump to 1800), it's hit all the Fibonacci numbers and it is a healthy way into a Monthly Supply zone (blue shaded area) so an ABC down could be on the cards. (See diagram)

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Could be a pullback to Demand area before continuing up to Wave 5

Pip_Artist

Some short-term trades to watch out for. A possible move up to the fresh 4 Hour Supply 1 zone, pushing it back down through the tired looking Demand 1 zone (Good place to take some off) onto Demand 2.

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Heavy Supply and Demand zones. Bit of ping pong with price.

Pip_Artist

With the price hitting a huge weekly Supply Zone, it's feasable to see a push down to find some liquidity