ABC Consolidation After 5 Wave Impulse To New Highs
Gold is near its highs after making a strong 5 wave elliot impulse up.
Expecting it to consolidate before making another major move.
It could attempt a test of the 3 point at 1361 while exploring prices to get out of the range.
The support and resistance lines are based on weekly wicks and are levels I will use to find intraday reversals.
Even though gold is in a consolidation mode I see it as a good item to trade because it is at its highs and broken out of the longer term consolidation.
Expecting it to consolidate before making another major move.
It could attempt a test of the 3 point at 1361 while exploring prices to get out of the range.
The support and resistance lines are based on weekly wicks and are levels I will use to find intraday reversals.
Even though gold is in a consolidation mode I see it as a good item to trade because it is at its highs and broken out of the longer term consolidation.
Comment:
Gold actually made a new high so the impulse wave may not be over so looking for a correction not yet warranted.