Mar 2019: Gold bearish setup
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Following the bearish monthly view, this is my updated count:
For now, going long for corrective moves is quite safe.
For short plan: Wave 5 of 1 is done with all calculations fulfilled. The ideal area to short is as per yellow box due to the previous downswing, however anything above 1302 is technically a selling zone. Stops go above 1347 swing high as per standard EW strat.
For now, going long for corrective moves is quite safe.
For short plan: Wave 5 of 1 is done with all calculations fulfilled. The ideal area to short is as per yellow box due to the previous downswing, however anything above 1302 is technically a selling zone. Stops go above 1347 swing high as per standard EW strat.
Nota
New low 1280.xx is considered 1281. 1347 - 1281 = 66 so bulls still have a shot. I'd scalp for longs off a corrective move, usually C wave rather than A wave.
Nota
The 1300/02 wicks managed to make an effect on 4H chart so I'm trading this as bear's 4th wave or bull's 3-wave A or W. These 2 counts gives higher odds favouring downtrend. Smaller positions and targets are as attached.
In the mean time looking out for bulls between 1289 and irregular flat A at 1280 fake break.
Nota
Nevermind bulls. I just noticed the target dates I put up in my previous post "Potential Triangle on Monthly".Bears could hit this down to 1215-1225 area within this swing to fit the momentum to target date which is only 3 weeks from now.
Nota
Update:This is the path I'm trading now right now.
I don't know where the end points are for circle X and Y. E.g. Circle X could easily be irregular flat so will need calculations once they materialise.
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Building long term shorts now:
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