Gold still short 1133 and long
Updated
At this juncture I'm looking at the velocity of bears. The mini a wave is fitting the profile quite well but may not be finished. The best long positions are usually found after a blow-off low in order to create some room for longs to manoeuvre -- I don't see that in daily yet so I'm still short from 1185.
However, on the flip side -- my initial target 1157 has hit and I'm keenly waiting for h4/daily trend line to be broken and supported. Then I will scrap 1133 target and go for 1250 (technically mini b can still hit 1400).
Another consideration: Yearly pivot is 1138.
However, on the flip side -- my initial target 1157 has hit and I'm keenly waiting for h4/daily trend line to be broken and supported. Then I will scrap 1133 target and go for 1250 (technically mini b can still hit 1400).
Another consideration: Yearly pivot is 1138.
Note
There is a chance 1147 will produce major bounce. I may exit there if price action confirmsNote
If there's a slowdown of impulse within a trend I'm always looking for a slow B wave off of a quick and swift A wave because I'm always on a lookout for irregular flats correction. It makes sense for it to happen here with FOMC coming up. A correction here also doesn't invalidate bear targets below (1147-1133-1080).So this is what I'm tracking right now:
Note
This is just to book profits. I'm not going long off 1150 without signalsNote
Possible bottom here so my shorts are set SL to above 1162 pivot. As long as prices stay below Im still looking for more downsideNote
The downward acceleration leads me to believe that gold could be in a 3rd wave off the 88-57 high low. If we go by breakdown target it is currently set for 1142 area. The scenario to look out for is that this is B wave of an expanded flat. Also ending diag is always possible. Whichever way must be vigilant with SL, currently partial trailing at the 61 pivot
Note
If h1 closes above 1162.30, I will treat this as an ending diagonal and short from higher - between 1165-69. If not this 1162 to be high of wave 4 and target 1142-43 is live.Trade closed: target reached
Target has reached and I've closed part positions though bottom strike price may not be in. Timing wise I'm expecting it on Monday. The range could be between 33 (double bottom), 28 or 20. I'll upload chart soon
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