GOLD Minor Wave Revision for Gold Short Trade
Still bearish nothing has changed apart from the wave count.
As you can appreciate these minor waves are really difficult to read due to how choppy they are.
I have changed my stop to 1729.512 anything above that would invalidate the move and I would be out for now.
Looking into the green Wave 2 correction I am allowing it to go as far as 1724.253 due to the E wave being potentially an extreme fake out wave.
This market became oversold near an important support area so a correction was needed and the bulls have made it look impulsive.
Green Wave 1 is a leading diagonal that's why it looks a bit odd but if you look closer on a 3 minute chart you can see it.
Let's see how we go. If we get stopped out at least it will be at break even.
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As you can appreciate these minor waves are really difficult to read due to how choppy they are.
I have changed my stop to 1729.512 anything above that would invalidate the move and I would be out for now.
Looking into the green Wave 2 correction I am allowing it to go as far as 1724.253 due to the E wave being potentially an extreme fake out wave.
This market became oversold near an important support area so a correction was needed and the bulls have made it look impulsive.
Green Wave 1 is a leading diagonal that's why it looks a bit odd but if you look closer on a 3 minute chart you can see it.
Let's see how we go. If we get stopped out at least it will be at break even.
Please LIKE and FOLLOW to get notification of updates and future posts.
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