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jjthomas94

Bearish Gartley - A Great Short Opportunity

Short
Gold Spot / U.S. Dollar (FX:XAUUSD)  
jjthomas94  
FX:XAUUSD   Gold Spot / U.S. Dollar
Harmonic Patterns Wave Analysis Elliott Wave Bearish Gartley Triangle Wave correctionwave Ending Diagonal rsidivergence overbought-condition
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harmonicpatterns waveanalysis elliottwaves bearishgartley trianglewave correctionwave endingdiagonal rsidivergence overbought-condition

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.

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