actualAntelope54790

actualAntelope54790

I had to recount the legs down to fit the current pattern I assume we currently finished ABC Flat pattern as Wave 2 If the count is correct we're going down for Wave 3

actualAntelope54790

- I'm waiting for Wave 3 of 3 Develop this week resulting in downside breakout - Gold was first metal to break down on 20th May but now is holding well among silver, copper and others - If the gold finally breaks down it can be a violent move, I want to be positioned for that - The price action tells me there is no upside risk unless price breaks swing lows and...

actualAntelope54790

- Gold price corrected further and currently I'm seeing Running Flat completed for Wave 2 - This doesn't mean that we're going to see lower prices immediately. Wave 2 might be even more complex. However at this point being out of the market not advised. - The odds favor (much) lower prices if running flat is indeed what we have for wave 2. - I advice be short from here.

actualAntelope54790

- If wave 2 is finished (it might not be cause it's very shorty), then we're going to fall steeply for wave 3 - If wave 2 is still ongoing, then there will be some sort of flat pattern and then gold will fall for wave 3 - The end of the month was week and we just had 2 consecutive weekly bearish bars. This increases the odds that we're going to see lower prices from here.

actualAntelope54790

- This is the updated count of Gold - Price recovered from the swing low and it necessitate a recount. - Currently expect correction higher for Wave 2 - This will coincide with Friday and end of the month. Those days usually find strong buyers.

actualAntelope54790

- Wave 2 is drawing it's final leg C to complete a flat - We can expect move a little bit higher from here and then sharp turn for Wave 3 down - It's ok to short this rally

actualAntelope54790

- Gold led the markets with correction to the downside starting on May 20 - The move was very strong and is a beginning of an impulse wave. - Gold corrected for 3 waves and I think is ready to resume move down - Wave 3 is usually the longest and the steepest. In this case it might be not because Wave 1 Was long and steep.

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.