Ending Diagonal short gold set up

This is one of a series of ending diagonals we have been trading recently so I though I would share it with you. I would expect at least a 50% correction of the previous push up. From there price may put in a 5th wave down to complete the recent short trend. For this reason this could be a very nice short trade set up. I will update this chart as it develops. Remember to protect you capital with a stop loss. Gold can be unforgiving if you get it wrong and very rewarding if you get it right.
Steve Nixon
Trainer & Mentor

Komen:

Just to clarify - we are looking for a break down - we could have a push up before them to complete the ending diagonal

Komen:

Let's see if we get a break out

Komen:

I would have liked this to fall more impulsively - it may be setting up for a further drop.