your chart and your description together havent absolute no logic. you draw ascending wedge with descriuption never go down ... no logic
ilia1380
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@Reitak, I have a strong reason for my view. this only show where is the entry, SL and TP. It will have a strong bullish trend. Maybe without pullback but I hope for its pullback.
Reitak
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@ilia1380, your view is 1 thing, your chart and description is something other. ascending wedge will never go up / break top, never. so if then only bottom line is good as strong uptrend bottom, but that top line is wrong, or !! this is simple fake manipulation move. overal gold on big tf is still in downtrend tp 1460
ilia1380
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@Reitak, ascending wedge can go up in wave 1 (Elliot wave)
alibadshah
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@ilia1380, i think it's making wave c of z currently and should bounce from 1465.94 if w is equal to z it must stay above 1458.98 or the whole structure will be invalidated.
alibadshah
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@ilia1380, an ascending wedge in an uptrend can be ending diagonal as wave c or truncated wave 5, where as leading diagonal can also be the same but there's only one confirmation of labelling a leading diagonal that is not breaking below the start of leading diagonal and just a 3 wave pullback as wave 2 in order to break above the leading diagonal as wave 3 to confirm a leading diagonal you can't be sure before that.. And it also must have subdivision of 5 waves as 3's or 5's inside any diagonal whether it's ending or leading diagonal.. And in your so called wedge it's clear 3 as an abc to finish the wave x in wxyxz before it starts wave z that's currently going on that's just my view but it's obviously not an ascending wedge as it has subdivided into abc rather than 3's or 5's as any diagonal should have.. So even if it doesn't break below the so called wedge and breaks above 1498 it would only be considered as wave 1 of 3 of 5 rather than 3 as per your count.. Because it's obviously a 3 wave as an abc pullback to finish wave x in wxyxz rather than 3's or 5's 5 times to legitimate a triangle or any diagonal..
ilia1380
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@alibadshah, Thank you very much for your comments. Yeah I had a mistake and I lost some money at this. But it can be a good experience for later.
alibadshah
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@ilia1380, Count your wedge as 'a, abcde, c' where as b is a triangle.. And there you go.. A 3 wave pullback as wave x in wxyxz before z.. Rather than a diagonal..