actualAntelope54790

actualAntelope54790

- Gold is involved in sideways correction. - Watch out for whipsaws. - The way to go is to fade breakouts.

actualAntelope54790

- We finished correction of wave C with Contracting Diagonal - Now we're observing wave 1 to the upside ongoing - This is the beginning of impulsive move to the upside.

actualAntelope54790 Updated 

Wave 2 of 5 to the downside is complete. Price has broken below corrective channel. Signal bar is an hourly doji and the breakout below the bar gives me the entry to the downside. SL is 2348 TP is 2280 TP may not be reached, I'll be monitoring development of the trade and close accordingly. At around 2280, I'm planning to go long.

actualAntelope54790

- I'm expecting sideways movement near term - Corrective wave = trading range behavior

actualAntelope54790 Updated 

Wave 1 of 5 is finished as Leading Diagonal. Now wave 2 is ongoing. Upon break of top of wave 1 I'm going long. SL is 2305 TP is 2399

actualAntelope54790

- Gold might go sideways in near term and then start another leg down to complete the correction

actualAntelope54790

- Price moved in 5 waves to the downside - this will probably result in lower prices in near terms. - I'm expecting horizontal movement to finish wave B and then another impulsive, 5 wave move to the downside.

actualAntelope54790

- I'm still favoring bull case - Wave 2 turned out to be more complex; still waiting for wave 3

actualAntelope54790

- The scenario with up move is still valid and my base case. - Bullish scenario invalidation at 2305

actualAntelope54790

- This is the main case right now. - Bullish scenario invalidation is at 2305. - We can go to all time high from here or stall at around 2395 to truncated wave 5.

actualAntelope54790

This is the main case currently. Wave C has finished with truncated wave 5. Currently at the final stage of wave 1 of 5. Bullish bias but no clear trade entry yet. Any longs has to have SL: 2305

actualAntelope54790

This scenario assumes that wave C primary degree not yet finished and we're just starting wave 5 of C. This is my main scenario and I'm holding shorts with SL: 2348 and TP: 2280.

actualAntelope54790

This scenario assumes wave C primary degree have finished and we're going higher for wave 5 primary degree.

actualAntelope54790

- I see a complex correction on gold ended with expanding triangle ABCDE - Now we're open for a down move for wave 5 of C - Roundabout target is 2280 which is a measured move of a triangle and a target for daily timeframe trapped bears that were selling below bear bar.

actualAntelope54790

I'm expecting price to go finish ABC correction of wave 4 of C and then to fall to complete wave C of primary degree 4

actualAntelope54790

Bullish case: - Wave 4 primary degree is finished. - Wave 2 of 5th wave is finished. - I'm expecting upside with wave 3 of 5.

actualAntelope54790

What looked like a nice dawnward trend turned out to be a hidden accumulation

actualAntelope54790

Trends rarely reverse instantly. It took 3 days to print this reversing pattern. It is always good to have a real world example of Wyckoff accumulation at hand. Including the volume! In this case the main stopping power occurred in the Preliminary Support. PS - Preliminary Support SC - Selling Climax AR - Automatic Rally ST - Secondary Test SOS - Sign of...