Potential Short Position GOLD - High Risk:Reward

Please see photo.
2 Safer Take Profit Zones. Price may pierce through the 4hr Head & Shoulders neckline with an extended wave. Higher probability of price bouncing up and rejecting off the Neck & Shoulders neckline, but you never know :)

Option 1: Take Profit 1.
Option 2: Take Profit 2.
Option 3: HOLD.

Please see links below for full analysis:

Trade active

Re-entry at point E if you want a VERY tight stop loss and hence increasing your risk:reward ratio.

However 1294.10 is a relatively safe spot if you wish to increase the likelihood of the trade remaining active.

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Please click the above links to read more on my explanations and Elliot Wave analysis.

This short position could be incorrect. I've given a probable setup in my eyes.

Happy Trading!! :D

Trade active

Trade still valid with 1294.10 STOP loss in effect. Re-adjusted ABCDE triangle.

Note

Sorry, forgot to arrange the ABCDE

Trade active

Not too late to get in guys!

Trade active

Take Profit #1 target met.

Note

Highly possible that wave 4-5 as ended (equaled the same length as wave 0-1) Therefore if that's the case, price is rejecting off and breaking a trendline. I believe this could be the start of the ABC correction. However please be wary that there are core U.S data being released in 5 minutes and in 1 and a half hours.
Let's see how price reacts from here.
Set tight stop losses and STRICT risk MANAGEMENT.

Note

Two Things i see happening here:
1. Price is still correcting in wave 4 via a triangle.
2. Price will break right through here and continue down as the Wave 2-3 didn't reach it's intended Fibonacci Projection.

Note

Better Triangle:

Note

Possible long set up for a 3 leg move of ABC to complete points D - E.

hyryda

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hyryda