Gold formed mid term bearish Wolfe Wave (WW) pattern (orange).
If successful, it may become a part of a larger yellow bearish WW formation - looking forward for 1295-1300 later.
Recently, opened SELL at 1265.56 SL 1279.04 TP 1238.54
Gl All!
If successful, it may become a part of a larger yellow bearish WW formation - looking forward for 1295-1300 later.
Recently, opened SELL at 1265.56 SL 1279.04 TP 1238.54
Gl All!
Trade active
Minor orange WW was not successful and was closed after breaking the peak at point 5 manually.Currently, yellow Wolfe wave is reaching the level of potential short entry of 1295-1300.
However, it is possible that the price will start reversing only at sweet zone (1330) later - waiting for the price to make clear peak at point V and the reverse move to be supported by volume to consider any sales.
Trade active
Divergence and volume are supporting possible formation of the peak (point V).Note
Shorts from 1291.19 closed at 1285.64. Should have kept at least one remaining position to move SL to break-even. However, it is likely that the price will pullback from its current move and depending on the situation and as long as the yellow WW is not broken, new shorts may be considered.Trade active
The price keeps following the greater daily yellow Wolfewave pattern.
After today's sellout, minor purple bear Wolfewave was formed which is an opportunity for a quick short - entered sells @1276.62/73
Trade closed: stop reached
The wave didn't make it, SL was hit.
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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.