1213.2! the target that pointed well on an excellent trading setup for short position.
After extending wave ((iii)) in its fifth-wave down, it’s expected to correct in wave ((iv)) to a partial retracement of the decline now.
An Excellent Setup :
Gold is continuing its decline well, toward the target at 1213.2.
As noted in the prior posts, a corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), could suggest an excellent setup for short position. The ratio is here almost 10! see on the chart below…
Correcting Down :
Gold should have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.618 retracement level. A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.
The market selloff would accelerate down (through 1213.2), in an extending third-wave of Minute degree of A.
Correcting Down :
On the Intraday charts, Gold could have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.5 retracement level.
A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.
In the Intraday charts, Gold is correcting up in Minute-degree wave ((ii)) after tracing out a leading diagonal as the same first-wave down.
A leading diagonal to the downside after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.