So I start making profits and gold goes down to 1464 and then quickly retraces to 0.786 level.
A $8 move against me. 0.786 and 0.63 are very common retracements off of point 5.
Painful to wait through.
But this gives me a potential new WW with the former WW 5 becoming a new 1 and the 1464 a new 2
and the retracement to 1472. So now I know I'm going to have an a-b-c move to get to point 4.
Not as certain about wave 4 now, so I wait as my first wave 4 (completion of wave 3 a-b-c) is past.
Could this be Wave 4 of the down trending WW.
I wait.
Go to Part 3
A $8 move against me. 0.786 and 0.63 are very common retracements off of point 5.
Painful to wait through.
But this gives me a potential new WW with the former WW 5 becoming a new 1 and the 1464 a new 2
and the retracement to 1472. So now I know I'm going to have an a-b-c move to get to point 4.
Not as certain about wave 4 now, so I wait as my first wave 4 (completion of wave 3 a-b-c) is past.
Could this be Wave 4 of the down trending WW.
I wait.
Go to Part 3