Short

GC - Gold Bugs under pressure

Updated

Here we have a clear zoom through the centerline.
As of the rules from Andrews, we can expect a pullback to it with a further continuation to the downside.

Keep in mind that the two grey lines are a potential support...I would not ignore this.

Waiting for a pullback and see what's going on.

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The short was initiated at the pullback.
Here we are at the critical level of support from the prior highs.
If we manage to close below the lower horizontal support line, then I see price down at the L-MLH, around 1140 or lower.

Note

...and the drag continues - what a burden this must be for the long-bugs.

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L-MLH is target:

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Target L-MLH reached.
Now a pullback to the upside.

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So far kind of a texbook reversal at the L-MLH...

Happy 2017!

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Run Forest run! :)

Tr8dingN3rd

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