Market rules the game, we just follow....
Updated
The spike we had today I believe it was caused by the BIG PLAYER of the game who wanted to hit stop losses which were all around 1325-1327 area in order to take back control of the market: THE CHART IS STILL QUITE CLEAR, SHORT !!!!!
Here is another confirmation of the trend reversal we were about to experience and now we are IN !!
Elliot Wave needs the last target to be reached and this target is in the 23.60% Fibonacci at 1280 and if break below that we might see it going down to the next 38.20% Fib at 1238-1240 area.
Here you have the trend reversal indicator:
-Hanging Man+doji+inside bar+shooting star still forming at the top
-hystorical pullback from 1330-1350 (major resistance) to 1280-1240 area, we have seen it quite often in the past years
-Elliot wave forming which needs last target to complete
-OVERBOUGHT indicator RSI 14 and Stochastic in both DAILY and WEEKLY chart
-Stop Losses were hit violently which means big player create spikes as the price might go in the opposite way (check history for examples)
-ALL THE INDICATORS ABOVE HAVE A CONFIRMATION IN THE DAILY CHART
Follow major support and resistance to enter,exit, set SL and TP of your trades and GOOD TRADING TO ALL OF YOU.
This analysis is only meant to be educational and doesn't mean to replace a professional financial advisor entity as in trading your capital is at risk and not responsability for any loss will be taken by the author of the post.
Here is another confirmation of the trend reversal we were about to experience and now we are IN !!
Elliot Wave needs the last target to be reached and this target is in the 23.60% Fibonacci at 1280 and if break below that we might see it going down to the next 38.20% Fib at 1238-1240 area.
Here you have the trend reversal indicator:
-Hanging Man+doji+inside bar+shooting star still forming at the top
-hystorical pullback from 1330-1350 (major resistance) to 1280-1240 area, we have seen it quite often in the past years
-Elliot wave forming which needs last target to complete
-OVERBOUGHT indicator RSI 14 and Stochastic in both DAILY and WEEKLY chart
-Stop Losses were hit violently which means big player create spikes as the price might go in the opposite way (check history for examples)
-ALL THE INDICATORS ABOVE HAVE A CONFIRMATION IN THE DAILY CHART
Follow major support and resistance to enter,exit, set SL and TP of your trades and GOOD TRADING TO ALL OF YOU.
This analysis is only meant to be educational and doesn't mean to replace a professional financial advisor entity as in trading your capital is at risk and not responsability for any loss will be taken by the author of the post.
Note
GOLD approaching very very strong resistance at 1330-1332...any break above that might invalidate my vision and a new strategy shall be arranged; however, any sign of strong bearish sentiment (fundamental, engulfing candles, hanging man 1h-4h chart) should instead confirm my view with a retest of the spoken level....this to happen either today or during next week....we'll see !!!!good trading to all of you :)
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