Overall, I still see EW taking us lower. We are currently in an intermediate upward cycle from 1315-8 to 1327-9 before it takes us to new lows.
I'll post lower timeframe charts below as we have a bull run until back on track for bear.
BULL: now, 1315/18 to 1327ish.
BEAR: after that target reached or close, we'll head back south 1310, first part of wave 5 complete.
Bearish Bat. Two formed on M15 one with lower entry and that is what looks like is happening.
TP1 1343
TP2 1339
SL 1354
Entered trade at 1354.7 GC or 1349ish.
Bear flag and symmetrical triangle is the same target.
The symmetrical triangle usually forms during a trend as a continuation pattern and typically breakout in the direction of the prior trend.
I buy gold at point 2 around $1243 and will close order at target B .
Then I will sell at this point B with target 1.272 Fibonacci Retracement of A2 around $1230.
Gold Double Wave Cycle sell Idea.
As we can find a bearish divergence on the daily chart as long as the red TL holds Gold is a sell aiming 100% FE of the first cycle.
TP 1 1241.49
TP 2 1226.87
SL 2 pips + spread above last high.
GOLD is expected to SINK.
There are many reason why we feel it may SINK
* HAMMER in WEEKLY Chart.
* To SINK and come near 1199 LEVELS
* Stoch RSI (3,3,14,Close) clearly states it maySINK.
* RSI(14,CLOSE) Is also of the same view.
* CCI(20,CLOSE) Is also the same
Keeping all the above indicators in view along with the chart pattern we expect it to sink. Our...
Previously selling the Gold with Butterfly pattern is still valid,
now we are going to make another short with the downside level of 1083,
and stopped level at 1112.
Right above the weekly support level.
