GOLD SELL setup

22 Jan 2017

In my view gold is bearish and sell point is close.
Arguments:
- 4 week trendline is broken.
- divergence in last top(17 jan)
- wave 2(blue) looks like clear abc (5-3-5) zigzag pattern.
- goldusd move is opposite to usdjpy. and in my view usdjpy is clearly bullish.
there may be last little swing up, which should not go beyond 17 jan top.
in anyway selling flag breakout will be a good idea.
also there is a good R/R ratio!
Keep an eye on it!
Good luck!

23 Jan 2017

Nota

Before posting an idea I doubted about my wave count.
Today price exceeds 17 jan top level.(a little bit, but it does)
wave 2 can't correct more than 100% of wave 1.
so it looks like abc correction pattern 3-3-5 flat. (wave B can correct more than 100% of wave A)
so, sell setup is still valid, but now it's short-term sell.
we need 5 waves structure to comlete wave C downward move. (wait for 3 swing down, and to corrective swings up) 1st wave inside wave C may be done.
good luck!

23 Jan 2017

Dagangan ditutup: hentian tercapai

24 Jan 2017

Dagangan aktif

It may still be an active trade.

ABC(blue) flat(3-3-5) pattern should correct 3rd wave(yellow).
Here is full picture.

If wave B(blue) is done, gold should start falling in the area of 38% of 3rd wave (1191).
keep an eye on it!

24 Jan 2017

Nota

24 Jan 2017

Nota

if it breaks, sell it!

24 Jan 2017

Nota

looks like possible ending diagonal

24 Jan 2017

Nota

one more scenario for wave (c) - diagonal.

25 Jan 2017

Nota

looks like zig-zag pattern.
flag breakout will be a confirmation.
gold may drop well below 1991

25 Jan 2017

Nota

possible scenario

26 Jan 2017

Dagangan aktif

1991 target is reached
next one is 1174

31 Jan 2017

Dagangan ditutup: sasaran tercapai

Original price target (wave C = 1.618 * wave A = 1180.7) was reached