Short Gold @ 1229.5 after Bearish Crab pattern completion
Updated
Potential reversal in gold @ 1226 -1231 area
- wave 3 = wave 5 of expanding ending diagonal
- a of 5 = c of 5
- Bearish Crab potential reversal zone
Note
Good long trade from risk-reward perspective is possible here. Price is supported by trendline, 200 MA and last but not least this EW count ;)Note
Another possible EW count I watch, suggests Gold might be in a corrective W-X-Y sequence already denoting running flat as W and possibly zigzag as Y. This may take us lower, to 1190 - wave 4 of (5) from previous structure and 0.236 retracement level from 1207 high.Note
No sign of reversal, don't catch a falling knife
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.