gold h4 5 waves sequence short from resistance
Updated
🔸Hello traders, today let's review 4hour price chart for gold. Downtrend in progress
currently, however oversold conditions so a bounce is likely/possible short-term.
price chart is still weak and expecting more losses in this market after the bounce.
🔸Recent downtrend is defined by 5 wave sequence, currently wave 4 bounce
in progress, expecting wave 4 to complete near 1875 usd later, and downtrend
will most likely resume in wave 5 of the sequence. the bearish sequence may
get invalidated if we get a daily close above 1885 usd, however right now recommend
to focus on shorting from overhead resistance.
🔸Recommended strategy bears: short sell from overhead resistances near 1875 usd
fixed stop loss for this entry at 1890 usd, TP1 bears is 1800 usd TP2 bears is 1775 usd.
wave 5 of the sequence should complete near 1775 usd. a/b/c correction will likely
follow, so stay tuned for further updates. good luck traders!
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Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.
currently, however oversold conditions so a bounce is likely/possible short-term.
price chart is still weak and expecting more losses in this market after the bounce.
🔸Recent downtrend is defined by 5 wave sequence, currently wave 4 bounce
in progress, expecting wave 4 to complete near 1875 usd later, and downtrend
will most likely resume in wave 5 of the sequence. the bearish sequence may
get invalidated if we get a daily close above 1885 usd, however right now recommend
to focus on shorting from overhead resistance.
🔸Recommended strategy bears: short sell from overhead resistances near 1875 usd
fixed stop loss for this entry at 1890 usd, TP1 bears is 1800 usd TP2 bears is 1775 usd.
wave 5 of the sequence should complete near 1775 usd. a/b/c correction will likely
follow, so stay tuned for further updates. good luck traders!
🎁Please hit the like button and
🎁Leave a comment to support our team!
RISK DISCLAIMER:
Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.
Note
wave4 bounce currently in progressNote
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