Watch out double bottom.
Note
Updated chart with details:I'm still long 1218/19/22 waiting for Bear to give impulse move or SL breaks.
If Bull reach 1230 target then 1230-$15 plus plus (recalculation needed for precision). If Bull SL breaks then target is 1226-$15 = 1211.
Note
Long's done.Shorting retracement:
Note
Target is 13 - which is just under previous daily cycle low. Perfect.Note
Divergence setting in but I doubt daily cycle is over. So I reckon gold's in Wave 2 of 5 of 5 - double or triple flat in progress and next down move during asian session. Still holding shorts waiting for 1214 snipe or double bottom off bull impulse.Note
This is what I'm tracking: Actual fib targets need recalculation also. Could be 1213 or 1203 tbh.
Trade closed: stop reached
My shorts stopped out and now only observing.Facts are: 1228 to 1217 = $9 was wave 5 of 5 completion for last leg. Move was 60% of $15 target indicating weak bears.
Also there appears to be a bull impulse forming. Just waiting for another high, retrace and hold for for real bulls to enter the market. If gold keeps side slipping breaking stops on both ends probably ending diag.
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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.