Gold: Friday 27, Jan (false bull and bear trade)
Gold rally from 1122 to 1220 made a perfect 5 wave move. Now its bearish mood for Wave 2's ABC on the daily.
I'm expecting wave A to end at 1182 (possible stretched 1177), then bearish retracement for B up back to 1200/1205, then a larger C wave down to the lows.
I'm expecting wave A to end at 1182 (possible stretched 1177), then bearish retracement for B up back to 1200/1205, then a larger C wave down to the lows.
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Gold stuck under 1184. Longs at 1177 or below is better now.
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1 more wave I reckon. Watch out for double bottom though. Just like double top previously:
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One more wave down.
One more wave down.