GJ - Price is nearing the 61.8% retracement - Short Opportunity

7 Apr 2020

Update, price is still moving higher in what i see as a short term correction with lower prices expected, price poked through the 50% retracement line, given this, i'm now focused on the 61.8% at 136.971. I will add to my position at this level.

Please refer to previous G-J posts.

9 Apr 2020

Catatan

I'm of the opinion that we're coming into short term resistance now, be on the look out for an impulsive move to the downside, this looks more like a 4th wave playing out. Once it completes this move, then a reversal higher is expected to complete the overall move off the 124.044 to complete wave 5 of 4. I'm still targeting price to reach the 136.971 level, which would equal a 4th wave correction of up to 61.8% of the overall wave 3 move. Once wave 4 bottoms, i'll should be able to target my sell area zones for this wave 5 down.
Not long to go now, and best just to let this play out just now, rather than getting whipped with price action, especially given we're dealing with GJ, as it's volatile at the best of times, and given moves elsewhere in the market.

14 Apr 2020

Catatan

Update, looks like the short term lower move is underway, this may complete around the 133.000 to 132.000 zone.
Once price finds the short term low, i'll be looking for price to head higher, i will revise my higher area target price area proposed short entry, once i have confirmation.

15 Apr 2020

Catatan

Just waiting for the high to be registered before opening to the short side.

17 Apr 2020

Catatan

Update, It now looks like price is going to start moving higher, short term though.
I'm currently long and will look to close this position once price gets above the previous high. I'll first need to see the wave structure, which should be in 5 clear moves, once it completes, i expect downwards price after that.