GLD / XAUUSD - Getting toppy?

Updated

I know people are very bullish with the yellow metal, in fact, everyone i know is bullish.... but something like this is a possibility. I think the easy part of the ride up is behind me and now I am being cautious from here on.
There's a difference between the XAUUSD and I was looking for around $1640 +/- on XAUUSD but GLD looks to be pretty toppy.

Note

Today was a good day for XAUUSD. Moves like this will attract a lot of people to hop on board. Check out the divergence forming. This is a weekly chart so it takes a bit of patient. As I said, my initial number is 1640 and I have a very tight leash on the long side until then.

Note

GLD – weekly chart
GLD is sitting at 200% of wave from (i – ii) = 152 area.
Usually wave (v) = .618% of wave iii (153) to .786% (157.65) area.
XAUUSD is currently at about 1620 area. 200% from wave (i -ii) is 1460.
Getting pretty close here...

Note

The number above write up is a typo - 1460 meant 1640.
Anyway, Today (Friday, 2/21/20) XAUUSD hit my first initial target of $1640 area. How much higher could it go from here is not important and the exact high is unknown. There must be a trading system and the system is not about hitting the exact top and bottom. It's about identifying the swing trade opportunities with a defined parameters.
Both bullish and bearish scenarios are shown. I really don't care either way. Just looking for a confirmation to trade either way.

Note

2/28/20. On track

Successful_Inv_Strategies

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