As recently GOLD (XAUUSD) was rising, we have recognized the completion of the five waves up followed by lower degree five waves down. REMEBER: Five wave move against the major trend indicates the beginning of correction, specifically ZIGZAG CORRECTION. Therefore, we expect ABC zigzag correction that later will be followed by continuation of the trend to the upside.
The same movement is expected to take place in SILVER (XAGUSD), therefore you can capitalize your self through this positive correlation.
WHAT ARE YOUR OBSERVATIONS ON THIS, PUT THEM IN COMMNET SECTION.
Hi, Nice-looing graph. Were the waves counted by an automatically by a TV indicator or manually? Thanks a lot!
ASAMForex
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@ynchart, Hi too;
These are manual counts on Trading view, RSI is the only indicator incorporated on charts. We teach Wave counts for free on YouTube @Asam Forex Tz.
ynchart
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@ASAMTz, Thanks a lot for your fast reply. I will check Youtube. Do you know an indicator on Tradingview that can auto count the waves? Thanks again.
ASAMForex
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@ynchart, No, instead of trading view for auto wave count you may use WAVE BASIS App. but it isn't accurate unless you have ability to adjust its counts based on your ability to count waves.
ASAMForex
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IPORTANT NOTE: Switch to 1H timeframe, then, the candle formed at 12:00 (3H GMT) is expected to be completion of wave "B" high. We expect the price to fall from there in a five wave move down IN COMPLETION OF WAVE "C" to a distance equal to the spine of wave "A".