Gold impulse down after finish of the 5 wave structure?
Gold seems to have finished the 5 wave pattern which my other gold prediction covered.
The five wave cycle has finished and has formed an A wave, is currently in the B wave and I am looking at any break of the short term trendline.
This would confirm downside.
I would not be surprised if the correction did retrace to the 50-61.8% of wave A before wave B finishes, however, it may break before.
Clear impulse, correction and aiming to catch what should be the final impulse down before the up trend resumes.
Watch to see if correction becomes more complex, if not, then simple set up for the down side with nice R:R.
Once again, any feedback or advice is appreciated.
Thanks.
The five wave cycle has finished and has formed an A wave, is currently in the B wave and I am looking at any break of the short term trendline.
This would confirm downside.
I would not be surprised if the correction did retrace to the 50-61.8% of wave A before wave B finishes, however, it may break before.
Clear impulse, correction and aiming to catch what should be the final impulse down before the up trend resumes.
Watch to see if correction becomes more complex, if not, then simple set up for the down side with nice R:R.
Once again, any feedback or advice is appreciated.
Thanks.
Comment:
This trade would have no risk and have hit take profit levels if they are unmoved. If profit levels have been moved then there is potential for further downside, but watch for quick reversal.