Long term (few years ahead) is gold super bearish and the TOP for next 5 - 10 years could easily be set - I am really big fan of being contrarian (=> doing the opposite what majority does) and currently 70% of all positions on gold are LONG position (based on broker data), everybody is talking about some financial crisis and everybody is propagating buying gold - those are just typical signs of setting the long term TOP.
Price of gold is going sideways for a whole month, however we got 5 wave rejection from the top and I think we have just finished ABC correction, with nice rising wedge as a "C" wave. There is such a beautiful short setup right now, because if my count is right, then price won´t break previous top at 1748. I am currently in this trade, stop loss above 1748. Stop loss is really close and risk reward ration is just awesome.
Price of gold is going sideways for a whole month, however we got 5 wave rejection from the top and I think we have just finished ABC correction, with nice rising wedge as a "C" wave. There is such a beautiful short setup right now, because if my count is right, then price won´t break previous top at 1748. I am currently in this trade, stop loss above 1748. Stop loss is really close and risk reward ration is just awesome.
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My count is already invalidated, I am out on stop loss, but still trend should reverse very soon.