649bruno
Short

XAUUAD Update: STRONG DECLINE AFTER ELLIOTT WAVE 5/3 STRUCTURE

FX_IDC:XAUUSD   GOLD / US DOLLAR
81 0 5
Here is an update from one day ago:
Most time horizon charts for-XAUUSD are very negative. END OF RECAP.
As for this chart on-XAUUSD: Plenty of NEGATIVES...
1. A five wave Elliott impulse wave structure was just completed. HUGE PRICE BREAK AFTER CORRECTIVE WAVE C AND WEDGE FAILURE.
2. The A-B-C corrective waves were negative. After wave C, the phase energy action (lower top indicator) COLLAPSED.
3. The top middle indicator is a 13 interval momentum of the phase energy, and this HAS COLLAPSED.
4. The top indicator is a 34 interval momentum reading of the XAUUSD-price. This is weak, heading lower. IT HAS COLLAPSED.
5. Chop (under chart) is BELOW the shaded area, indicating A POWERFUL DOWN MOVE.

6. Chop zone (under chop) is red, indicating a downward bias.
7. The red conversion line of the Ichimoku Cloud is heading lower.
8. The black baseline line of the Ichimoku Cloud is heading lower.
9. Prices are trading below the conversion line and baseline.
10. The Ichimoku Cloud is green, but flat.
11. The-DMI (not shown) is negative.
12. Yes, we have a sell Fractal.
Conclusions:
Based on the multiple bearish technicals,
I feel-XAUUSD HAS ESTABLISHED THE FAILURE OF THE FIVE IMPLUSE WAVE AND A-B-C CORRECTIVE WAVE PATTERN.
THE BEARS ARE IN CONTROL.

I hope all of your trades go well. Don.
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