Gold - Wave 5 completed - heading towards 1839
Hi Guys,
based on yesterdays turbulent FOMC session I'm going to updated my Idea on Gold.
As you can see on the attached Chart I assume that we ended wave 5 of the EW-Theorie. This seems legit to me as I assume an extended wave 3, so wave 1 and 5 have to be similar.
Also the fact, that we touched the top of the short-time uptrend enforces my theory that wave 5 is going to end here starting off the major correction "abc".
Also, we are building up bearish divergences on the 1 & 4hr MAC + RSI which indicates falling prices.
Therefore I am willed to engage my Short positions heading towards 1839 with first TP at around 1846. We can expect possible upward pressure from there, heading to 1853 followed by another correction to 1839.
There I am willed to enter my long with strong margin, since I expect the start of a new wave heading towards 1930 in summer.
Let me know what you think!
based on yesterdays turbulent FOMC session I'm going to updated my Idea on Gold.
As you can see on the attached Chart I assume that we ended wave 5 of the EW-Theorie. This seems legit to me as I assume an extended wave 3, so wave 1 and 5 have to be similar.
Also the fact, that we touched the top of the short-time uptrend enforces my theory that wave 5 is going to end here starting off the major correction "abc".
Also, we are building up bearish divergences on the 1 & 4hr MAC + RSI which indicates falling prices.
Therefore I am willed to engage my Short positions heading towards 1839 with first TP at around 1846. We can expect possible upward pressure from there, heading to 1853 followed by another correction to 1839.
There I am willed to enter my long with strong margin, since I expect the start of a new wave heading towards 1930 in summer.
Let me know what you think!
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