We're currently sitting on a running flat correction after a 5 wave move downwards in Gold.
The long term bias is bearish as a gigantic symmetrical triangle has been broken to the downside.
Now by using the double top price action as the entry we're aiming for 1097 which is the ultimate target for the new 5 wave down move.
I got the 1097 number from fibonacci expansion and projections. This number is the confluence of 100% of the whole down move and 1.618 projection. These two numbers match each other perfectly!
Place your stops at 1243 where the previous resistance lies.
Catch you later
The long term bias is bearish as a gigantic symmetrical triangle has been broken to the downside.
Now by using the double top price action as the entry we're aiming for 1097 which is the ultimate target for the new 5 wave down move.
I got the 1097 number from fibonacci expansion and projections. This number is the confluence of 100% of the whole down move and 1.618 projection. These two numbers match each other perfectly!
Place your stops at 1243 where the previous resistance lies.
Catch you later