jjthomas94

Bearish Gartley - A Great Short Opportunity

Short
FX:XAUUSD   Gold Spot / U.S. Dollar

Aided by the news of Vaccine for Corona, Gold saw a SHARP FALL in prices.


Harmonic pattern identified the PRZ where price could reverse, and gave a terminal candle confirmation on the reversal.


Also, Elliot wave count gave a possibility of a start of correction. (inspired from another trader)


The RSI indicator also gave a BEARISH DIVERGENCE.
As, price moved up in the last phase of the Elliot wave ie . 5th wave which was an ending diagonal wave; RSI showed a declining trend in the overbought zone above 70.