Short

XAUUSD Update

Well, what I can say. Last stronghold stood. I take yesterdays move as a confirmation of the bearish scenario we maintained since November 2021. See historical posts for the big picture or it is more convenient to read Weekly Updates on the website. Of course, it is too early to throw in a (beer) bear party, we'll keep quiet and watch. Wave i on the chart is only an illustration of the possible roadmap. It can be shallower or deeper, we will label it as soon as it takes shape. It would be good to offload some short before wave 2 kicks in, but we will not make hasty decisions. If the count is right we are in wave c and it can be brutal.

If the price recovers and takes out the previous high - I am out.

Fomenka

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