The major yellow bearish 
GOLD wolfewave was shaped successfully on 07 June as the price didn't manage to break through resistance area of ~1295-1300 and thus formed the peak at point V.
Currently, the minor purple wave is forming on H4 and if successful, is likely to re-test previous resistance level once again.
Provided that new double peak will hold successfully and if confirmed by divergence/volume, it may provide an interesting opportunity for short positions to be opened.
Good luck All!
GOLD wolfewave was shaped successfully on 07 June as the price didn't manage to break through resistance area of ~1295-1300 and thus formed the peak at point V.Currently, the minor purple wave is forming on H4 and if successful, is likely to re-test previous resistance level once again.
Provided that new double peak will hold successfully and if confirmed by divergence/volume, it may provide an interesting opportunity for short positions to be opened.
Good luck All!
Trade active
Slightly incorrect small WW is currently supporting the formation of point 4 of the purple wave. RSI shows clear divergence and 3 long positions were opened in Sweet Zone of wolfewave (green).It is also possible that grey WW will become active instead of current green one.
Trade closed manually
Closed longs with minimum loss, too many different waves merging, grey pattern appears to be more likely, but another wave formation around 1245.xx area is also quite possibleThe situation is too unclear for the present moment.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.