This was a pretty textbook set, which shows more potential downside movement before the bulls take back control of their precious safe haven go to. The market pushes 3 drives before a market reaction will happen. In the daily period separators, I look for the 3rd drive high and mark the fibonacci, from the highest wick to the lowest wick in that session to show levels for a short. 78.6 and 61.8 are the magic numbers as we all know, and look how beautiful their reaction was. The highs had failed to be taken, the correct price action formed on the candles, and here we have a textbook short. Looking to reach 1520 levels before a pullback. (Could be a news spike). 1700 for Gold is long term target.
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