Gold short: 1215-1216
Updated
This is the short setup I'm looking at. Technically short positions can start building above 1210 but I prefer 1215 and above
Note
Forgot to mention bull invalidation:If price trades below the blue line (1190), that invalidates the bull wave because 5th wave is very likely complete. So I'll be looking at double top bearish retracement to short with the 1206 as the rally's high.
First bear target is 1175.
Note
From a risk perspective: From my previous post I have longs off 1191 (because SL was 1189) so I can risk building my pyramid shorts as follows:1215/16, 1219-1221 then 1230.
The first set is because I don't expect gold to rally a full $100 off recent low. But if they do - the next official bull target is 1220-21. Then highly unlikely 1230 is a climax (blow off) high that should be hard shorted if there's no retrace in between. This target is not supported by structure.
Good luck.
Note
I'm traveling again, now in Paris! For short I'm looking for double top on h4 off the 1208 high. Specifically i want to see a neutral green candle close above 1206 but fail to beat 1208.50 high. I'm not looking for longs anymore until i see a clear wave 4 bear take shape.
This setup is based on expanded flat and the safe target is 1189, most likely 1184 but ideally 1177 for the next bull wave up.
Note
If double top fails, 1220 and then 1230 is the next tp where i have sell orders waiting.Note
No joy 1220 didn't hit before retracement. This changes the dynamics, so I'm buying retracement dips again and waiting for 1227 and 1234 for shorts. Double top off 1219 is still there but UJ haven't reached ideal retracement target (111.xx) so I'm expecting it won't hold.
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