actualAntelope54790

actualAntelope54790 Updated 

Go short Gold @2355 with Limit order SL: 2415 TP: 2995 Risk to Reward: 1:1 Win rate: 33% Profit factor: 3

actualAntelope54790

Contextual Picture of the Gold moves. We're in a C wave of 4. Corrective move down is expected but then bull trend will resume. We're approaching important number 2500. The price can dance around this price for couple of months.

actualAntelope54790

- Gold moved in very steep fashion to the downside - Such bearishness doesn't happen often. - Further downside is expected: 2250-2270 is my minimum target - Sell any rally for further downside

actualAntelope54790

- Gold tricked me and created a strong bearish breakout - Previous count had to be changed and we are in a downtrend now

actualAntelope54790 Updated 

This trade is only valid for today. Risk to Reward: 1:2 Limit buy order @2417 TP:2459 SL:2396

actualAntelope54790

- Gold is drawing a triangle for wave 4 - Wave 5 is expected to pop to ATH and then reverse. - Tomorrow are NVDA earnings and it might be a reversal day for lot of markets. - I expect the top to be between 2480 and 2515

actualAntelope54790

- My base case is that we're in an extended 5th wave that will finish the bull run on Gold in approx. 2470. - This may be the top for couple of weeks and even months

actualAntelope54790

- Gold is moving very impulsively to the upside - We're more than half way into the move - The projection now is that gold will reach 2500-2520 without major pullacks

actualAntelope54790

- Gold create a surprise and pushed for extended wave 5. - To my eye, wave 5 might be in a shape of contracting diagonal. - It's better to be flat for this move and avoid a whipsaw.

actualAntelope54790

- I expect correction to continue in near term before bullish action resumes - I's ok to be flat in the correction phase - don't need to have a position yet - I'd be looking for buys in the area of 2335-2355

actualAntelope54790

- Looks like Wave 1 of 5 if in place as expected. - Now the correction for Wave 2. The nature and depth of correction is unknown. - I'm assuming 50% correction to 2335 but this is subject to change. - Most traders should be flat.

actualAntelope54790 Updated 

- Bull case is developing as expected and I want to take advantage of it - Long position on fib retracement 67.3: 2337.5 - SL: 2327 - TP: 2388 - this gives risk reward as 1:5. For more conservative trade set SL at 2312

actualAntelope54790

- The pattern looks bullish to me and I don't expect major pullback right now.

actualAntelope54790

- Currently finished wave 1 of 3 - Any pullback is a buying opportunity

actualAntelope54790

- Wave 4 is developing as expected as sharp and quick correction

actualAntelope54790

- Price of gold might fall in 5 waves to the downside for further correction to create wave C - This is not the main scenario but a possibility to be aware of

actualAntelope54790

- This is what I'm expecting in the bigger picture. - This move can pull the price of gold to 2500-2520 roughly.

actualAntelope54790

- Gold moved impulsively to the upside breaking the channel: this is wave 3. - Wave 2 was extended, so I'm expecting wave 4 to be sharp and quick. - Silver is a leader in this move. We shall see how much power is in gold move.