All that glitters is not Gold (update)
Updated
In my last idea, I posted an idea about a short for Gold. Now that we have some additional price action and information, I want to present an alternate count. This count is a double zigzag with a complex X wave which is an expanded flat. Expanded flats are tricky market maker plays which, in a downtrend, squeezes the shorts and bleeds out the longs, making money in both direction. There is some confluence in the golden pocket retrace at the 1.276 extension, which I think will be the zone to watch for a reversal. Additionally, the RSI is way overbought, so a reversal seems imminent. Wait for confirmation and happy trading.
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Starting to ladder my shorts here from 1521
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