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GOLD SHORT - Setting up!

Hi everyone :)
This is the set up that i see. Currently undergoing smaller wave 5. Will complete at one of the targets. Each target has it's own reasoning behind why it could be the end in terms of the PSYCHOLOGY of the markets.

At the end of this Wave 5, price will reverse and we will most likely see a sharp ABC correction up to "show" or "fool" the bulls into a continued uptrend.

However, this may be a bull trap and therefore we could be setting up for a downtrend. I see this move as a continuation of the bigger weekly view and hence it all aligns together and makes sense to me.

Once the ABC correction is complete, I believe we will see a strong move to the downside with the completion of wave 2 and beginning of wave 3.

We will eventually break below the 4 hour Head & Shoulders Pattern and make some big moves to the downside.

Stay tuned for updates.

Happy Trading!!

Nota

Price broke a little below target 1, therefore I will assume that wave 5 still has potential to move down further.
Both targets 2 and 3 seem more probable.
Target 2 - Higher probability
Target 3 - Highest probability of occuring as it seems and will appear and give the highest conviction to the bulls that price will continue it's "uptrend".

We will see.. and try to use added confirmation to give us reasoning that wave 5 is or is coming to an end.

Nota

May give the appearance that there is a "double bottom" or bottom of the range for the range traders to enter into a buy before price possibly knocks them out as we are still continuing the wave down - Just a hunch..

Or this could have been the target as the 30 minute clearly rejects off this zone.. The smaller time frame shows something else though so lets wait and see and then play off the back of that.

Nota

Please like and follow if you enjoy my analysis :) <3 I would absolutely love it!

Nota

Looks like we MAY be going down.

Nota

If it bounces off here with good confluence i'm closing off my trades and riding it up. (Y)

Nota

Lets watch, possible break. and hence possibily target 3. Just be careful for false breakouts.

Nota

Tighten Stop Loss everyone!

Nota

Looks like we may be heading to target 3. Just keep watching and care the false break.

Nota

CARE. It may be bottoming out here.

Nota

Yet again, lets wait to see if it bounces up with a 3rd touch off that trendline. It could still break down. If it doesn't and that price level and trendline holds then look to get out and enter into a small position (don't overleverage as you might hurt yourself from a falling knife. Maybe, maybe not... ;)

Let's OBSERVE. Wait for price to come to us. Wait for it to come into our trap.

Nota

Coming down for another test now.

Nota

IT did wick off a 3rd time and that could have been it but set tight stop losses now above the most recent price range on the 5 minute and lets see what happens.

Nota

Lets see.

Nota

Careful guys. Honestly not worth the exta move down. Take profits.

Nota

Could drop after testing resistance line. Up to you if you want to keep your stop losses tight and let it run.

Nota

15 min has broken target 2 however 30 min can still reject off as it's currently doing but must wait for candle to close. Do that with the 30 min chart.

Nota

3 min 40 sec left. Looking strong so far.

Nota

Now lets add confirmation with the 1 hour candle.

Nota

Careful guys. Remember we still have to wati for the candle to close.

Nota

2 mins. Close trade if it's like this and we'll look into a short term buy.

Nota

I'm on a buy, stop loss under the candle.

Nota

I think price will come down again close to test. We'll see. MACD has crossed aswell on the 15 (see picture below) so some good signs so far. I really like how it looks on the hour chart.
Remember to set strict risk management of 1-2% MAX per your total account size.

Let's draw up some Fibs and prepare for retracement if it does do so.

Nota

On course.

Nota

Either 1. or 2.

1.

Both have psychological purpose.

With the current move (Scenario 1) it looks like it's at the bottom of the range and a massive wick. That could get a lot of buyers in before it just continues to drop.

2. Scenario 2 will confuse a lot of people so lets see how it plays out. Regardless, i'm on a short. This is too big of a move for me to be out of. I'll try to manage my trade..

Nota

If this truly is the drop and ABC is completed then wave 3 has begun. Now we will wait for a retracement after wave 1 is complete (inside the wave 3).
Like so. We will see when Wave 1 completes and then you can look to enter on the retracement if you want.

Nota

I think 1 more move down before retracement

Nota

This is what i think is remaining from the move .

Nota

I've stated many times in the past. Big short moves ahead for gold. Still completing this wave. Retracement has to come.. i think price will reach the 4.618.

Nota

Target before retracement in my eyes.

Nota

Sorry i haven't been posting guys. Heres the latest!

Nota

Sorry for the mess ahhaha... I really have to clean my charts up

Nota

Target 1 was reached. SHARP ABC retracements occuring

Nota

Retracement coiuld be diagonal also

Nota

Retracement up to the 50-61.8% most likely or possibly 38.2 since it will be a big move.

Nota

hyryda

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hyryda