The 4HR timeframe is providing a good perspective of gold for me currently. It appears that a bearish impulse wave cycle has run its course followed by its subsequent correction cycle. I am now looking for short opportunities as the momentum shifts from bullish to bearish.
Confluence points:
- Impulse wave complete
- Correction wave complete
- 4HR resistance zone
- 61.8% Fib retracement zone of the impulse wave
- RSI Divergence ( Indicating possible momentum shift
post the double bottom rally )
Targets:
- 1870.000
- 1830.000
- 1780.000
- 1730.000
Confluence points:
- Impulse wave complete
- Correction wave complete
- 4HR resistance zone
- 61.8% Fib retracement zone of the impulse wave
- RSI Divergence ( Indicating possible momentum shift
post the double bottom rally )
Targets:
- 1870.000
- 1830.000
- 1780.000
- 1730.000
Trade active:
Stop Loss adjusted to break even, now to hold to Targets