CASE FOR LONG IF we break above wedge line

FX:XAUUSD   Gold Spot / U.S. Dollar
541 10 4
This trade is only Valid IF we break the red line wedge illustrated in the chart.
1. New Daily Channel
2. Hidden Bullish Divergence on Daily chart
3. Elliot Wave Bottom at 1227-1224 Region
4. William Vix             bottom on H4
5. H4 Oversold

I will fully commit to longs if we make a clear break back above the important $1238 wedge line. If not I will wait for $1215 -1200 region before I consider buying again. I have a feeling there will be another rally soon, probably after FOMC. but anything is on the tables atm since we are below the important wedge line.

Gold             can still go as low as $1224-1220 before finding support!

Target channel top is around $1290
check this interesting chart.. last time before going high and breaking 1255.. it made a new low and went up... it did exactly same today as well.. made a new low... and i am expecting retracment now..

Loii newbie2016
good chart! i agree with you that 1225 is an important support, if this breaks lower. bullish are invalid and we can see as low as 1180.
we have solid support at 1222 as well.. so due to hard falling in 2 sessions and at eve of fed.. downside is also limited.. i am not expecting gold to go below 1222 due to its fall.. i see towards 1241 and high.. above chart is giving clear indication...
Loii newbie2016
1260 should be a good tp1 i agree
Hey Buddy..! You can unlock me. I am glad to read that you took initiate to accept Elliot Wave system. :) I appreciate it. Let's work together to catch the PA :) without emotions. Thank you very much :)
i think we are going to go above 1240 for retracement today if 1222 remains supportive.. but not sure of 1290..
Loii newbie2016
yes it will really depend on if we can break that wedge line. anything is possible. last friday people thought we gonna go lower becos of ECB. but it rallied to $1280.
it has fallen straight 2 sessions.. and now make new low in Asian session... that was fishy.. so i am long from 1229 with sl. 1220 and targets towards 1241 and high..
newbie2016 newbie2016
its just retracement deal.. i dont at eve of fed.. it will rock upside above 1260...
newbie2016 newbie2016
i dont think at eve of fed.. it will rock upside aove 1260..
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