Wonderful tramlines in gold (hourly)

When gold hit my upper tramline and 50% Fibonacci level  just above the $1300 level, I decided to take profits on my long trade.  Since then, the market has fallen back and here are my new tramlines.  As I said last time, the market is getting much more volatile and the ‘easy’ money has been made.  We are in a complex wave 4 and these inner moves can whipsaw you to death.

But the tramlines are impressive with the market making several attempts to break above the upper line this week.  The resistance at this line is holding, so far:

My forecast remains for a decline, then a big rally towards the $1400 area before topping out and carving out a fifth wave down taking the market well below the $1180 lows.

I have noted many more bullish articles recently which could support the rally, but when the real selling begins, it promises to be brutal for the bulls.