Gold wave (4) looks to have finally terminated at 1268.30/40 levels yesterday. It might be too early to predict but the story begins to unfold at smaller degrees first! The yellow metal seems to have formed an impulse wave 1 and corrective wave 2 at a lower degree and the 3rd wave should be on its way now through 1250/52 levels. Lets see if it unfolds into an impulse at at higher degree. Trading point of view, remain short from current levels, stop above 1277 and target through 1200 levels.
Dear Harsh, is this developing with the strength you are expecting? Appreciate if you post an update if required, ,many thanks!
harshjapee
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@ofa, sure brother will post it in a while. its bouncing off fib 0.618 now and reversal any time.
mcgough_max
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I hope you are right... I am bleeding over here
harshjapee
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@mcgough_max, a small high at 1269 and pullback sharply till now. A break below 1263 shall accelerate lower. Wave completes at 1200
shafsworld
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Thanks chief
harshjapee
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@shafsworld, taking a bit time but 1200 completes A-B-C. Thank you brother
shafsworld
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@harshjapee, Have you seen today's rise of Gold. We are all waiting for the reversal.
harshjapee
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@shafsworld, Yes Sir. Not on screen but was available on phone and i saw it rallying. Accept that the count went wrong but still the direction is expected to turn lower. Please accept my humble apologies for not being able to update during NY session. We are all on short side still. 1277 stop did not trigger. Even if it does, will look for opportunities to go short again. First thing at the open shall send an update here.
shafsworld
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@harshjapee, Thank you Sir for taking time to respond. I look forward for your update. I am worried how far it would go.
I do not want to have a margin call.
harshjapee
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@shafsworld, Sure Sir. Just beginning my day and shall be looking to send across all updates soon. To keep updated, my stop triggered at 1277 and looking up to re enter. One humble suggestion is to always have a protective stop loss while trading. Good luck brother!