This relates to the Gold Short Trade Idea, see below.
In the previous idea I assumed that Blue Wave 2 was done but now due to the recovery it looks like we are still working within the Blue Wave 2 correction.
Given the choppy nature of this recovery I have to assume this is an E Wave.
I have adjusted the wave count for this scenario.
The short trade remains in place if your stop is at the highs.
For re-enrty with a short stop I suggest waiting for Wave E to be broken in 5 waves and then followed by a proper correction before doing so.
I am tracking these waves regularly to create peace of mind and also present another re-entry opportunity to trade moving forward.
So far we have not seen that.
I will also be posting an updated and very detailed Birds Eye View chart over the weekend.
Please LIKE and FOLLOW to get notification of updates and future posts.
In the previous idea I assumed that Blue Wave 2 was done but now due to the recovery it looks like we are still working within the Blue Wave 2 correction.
Given the choppy nature of this recovery I have to assume this is an E Wave.
I have adjusted the wave count for this scenario.
The short trade remains in place if your stop is at the highs.
For re-enrty with a short stop I suggest waiting for Wave E to be broken in 5 waves and then followed by a proper correction before doing so.
I am tracking these waves regularly to create peace of mind and also present another re-entry opportunity to trade moving forward.
So far we have not seen that.
I will also be posting an updated and very detailed Birds Eye View chart over the weekend.
Please LIKE and FOLLOW to get notification of updates and future posts.
