oops
Short

GOLD short (next wave)

MOEX:GOLD1!   None
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1
regarding my earlier short highlighted 8 days ago on a daily chart , here is a follow up.

after having topped out following a nice rally after the long-term bull-flag pattern (20/21 Sep), we are now in a retracement mode. a 38% FIBONACCI will target 1725$ that is minimum, potentially leading to further correction .

Anyway, we just completed the second minor bear-flag and broken to the downside, hence the next wave is on its way, probably leading already to the first objective 38% = 1725$

cheers KP

Comments

second and last objective has been reached also in this short term pattern. last shorts covered when market traded 1699$. flat now
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38% FIBO reached, that was minimum target, I'll take partial profits here at 1723
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