Gold 13-Jul, 2017: Retracement long before Wave 3 bear
Do check the related idea for Daily chart. This is retracement plan. If A wave makes another high on H1, the retracement I expect is a zigzag. Risk is high selling B wave down but 1215/16 should be bought up quickly because C will be aggressive if that level is touched. I'm only buying the C wave and selling off its high.
Note
July 17 NY session: 1242/44 is a worthwhile short scalp.Note
...if scalp shorting, keep some 1215/16 longs live for more uptrend.Note
July 18 NY session:I maintain bias to zigzag correction on daily based on both patterns and the momentum. Its still too early for Wave 3 bear down and daily A is showing 5 waves nicely.
Attached is just a forecast update - Daily B correction don't necessarily need to hit 1226, but if it does, its a good spot to add longs. Daily C only need to go beyond daily A for a zigzag to complete so be aware of truncation.
Trade closed: target reached
I'm quite happy with 1254 TP. Frankly I'm looking to short now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.