May 2019: Gold Bearish and Bullish Setups

Updated

As per chart I'm biased downtrend because of the X wave into latest A wave. Then a major uptrend into downtrend. Invalidation is if price travels above A, in which case, the larger downtrend will come sooner than later.

Note

Correction: Invalidation is if price travels above A

should be

Invalidation is if price travels above X

Note

My tentative price to short is above 1291.3. So 92, 93. May not reach 94.

Trade active

I shorted average 1279.50 and will keep adding short every dollar up. Target is 1253 for now.

Trade closed: stop reached

My 79-85 shorts were stopped out. I’m scalping longs now and waiting to short above 87 levels. Gold still on downtrend so will publish chart with updated count.

Note

I didn’t have time to publish new idea so posting update here for future reference:

This scenario is now in play:
“in which case, the larger downtrend will come sooner than later.“

As per my previous Monthly chart analysis the downtrend should be in play until 2020. Corrections won’t be as volatile as 2011-2015 downtrend.

Note

Short trade entry based on:
1. C = 300% extension of A.
2. Daily closing prices are potentially responding to 61% reverse extension pitchfork.

OwenMohd

Also on:

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by OwenMohd

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