waleedkhan
Long

Gold Latest Elliott Wave Scenario

FX:XAUUSD   Gold Spot / U.S. Dollar
After my last corrective count was invalidated; it now seems that a bullish impulse wave is in process.

We are right now at the start of the 3rd impulse wave which should take price to 1340-60 region.

Note: 1293-95 must hold for this count to remain valid.


Possible Bullish divergence
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This is how I am seeing it so far... hopefully the current candle will close up and this should start the up-cycle; if not then we could go lower to the levels you mentioned. I have the 2nd wave down as sideways (flat)... and hence 4th down as a zigzag ( which gives provision for the current up wave to be still labelled as a c wave with a pending 5th or then a new impulse cycle...
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1293 area has so far held...

buying within 1293-1300 can give some really amazing R:R

SL should be a "candle close" below 1290
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There is a bullish Abcde pattern with e on 1310 on the 4 hr chart!
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