Hellena | GOLD (4H): Long to resistance area of 2402.809.

Dear colleagues, I believe that the price will continue the upward movement to the resistance area 2402.809. This is the minimum target in case wave “5” turns out to be truncated. Before this movement, a correction is possible in the area of 50% Fibonacci level 2328.823.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

Comment:

In the coming week I expect a small correction to the area of 2328.823, then continuation of the upward movement and completion of the wave “5”.

Comment:

Colleagues, the price has confidently reached the support area of 2329. I believe that a small update of the low is possible, but all my thoughts are only about long positions. We need to find the perfect entry point!

Comment:

now our task is to overcome the level of 2378.651. This is a local high. But if you take a deeper look into wave 5, we see that price is now in a lower order wave “5”. I expect the upward movement to continue!

Comment:

The price has reached its target! But I believe that the price will update the high once again. In any case, I close most of my positions and see what happens next.

Comment:

In any case Price has already reached the target, but as I said before, I believe that price may update the high.
The whole thing is that the nearest high of 2397 can be interpreted as a lower order wave “5” and a higher order wave “5”. But there is another option, in which the lower wave “5” ends and this impulse will be just a wave “1” of medium order. This means that the wave will make a correction and start an upward movement even stronger.

Trade closed: target reached:

Well done!

Comment:

It seems that this idea can be developed since the five-wave movement was not completed.