Time for a bull trend Pause

21 Oca 2023

This is an early technical analysis on gold. Please note that I did not get bear confirmation yet. However I see trend getting weaking near resistance zones. Probably time for liquidity hunt before resume trend. Very quite week in financial calendar which must favors bears. Of course expect a bullish close in Monthly. Let me explain the method I used to fine targets

This chart showcasing following indicators

• Fib extension
  
• Fib retracement
  
• Stochastic
  
• Moving averages (hidden)
  

Analytical Method Elliot wave Simple Rules

• Wave 1, is very steep having an impulse text book count
  
• Wave 2, is zig zag irregular correction
  
• Wave 3, is an extensive wave with a combination of Elliot wave pattern. Which is very complex and shoot out of compression. This wave expected to finish between 1.273 -1.618 extension.
  
• Wave 4, Here is the argument rise which has to be a triangle or deeper zigzag. I didnot find that yet for best fit
  
• wave 5, No comment (Controversial called for argument) :) Found a harmonic bearish butterfly in hourly chart which is typical structure of wave 5 in Elliot wave
  

So I labeled as per Fib Extension figures which shows a correction is due below 1860 Well this can be a deeper wave 4. I would like to label such correction as zigzag combination.

The conclusion : I am shorting gold next week from the zone around 1930-44 target 1907 or deeper.

26 Oca 2023

İşlem aktif

Here we go..
1. Set the trade.
2. Scalped in between
3. Taking a Swing trade

1st target 1925