GOLD (XAUUSD) | The best scenario for correction📝
Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
In the previous analysis, we assumed that wave 1 of wave 3 ended in the 1830 region because there was a pattern similar to that of the leading triangle.
And we said that if the lower side of this triangle is not broken, there is no confirmation and it was not confirmed.
Exactly the gold started moving upwards on the same side. Our view was Target 1840, but this ascent moved too much and stopped on the roof that was related to the previous waves.
At present, from the beginning of the first wave, 1760, to the 1862 region, we consider it as wave 1 of wave 3, and we isolate this wave inside the channel.
This wave consists of 3 leading waves of the same size.
And they will give us some possibilities.
In the first case, with the failure of the problem line, which is related to the other wave channel, an ascent will take place from 1860 to 1900, which again, this ascent is probably related to wave 1 of wave 3.
In the next possibility, before the break of the black line, another drop to Fibo 0.23 will finally be 0.38 and out of our sight 0.50.
And from these ranges, another upward movement starts, and this time it will be in the form of wave 3 of wave 3, which is the first target of 1900.
We will have other possibilities for the full decline of gold, which we will share in the next analysis.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
In the previous analysis, we assumed that wave 1 of wave 3 ended in the 1830 region because there was a pattern similar to that of the leading triangle.
And we said that if the lower side of this triangle is not broken, there is no confirmation and it was not confirmed.
Exactly the gold started moving upwards on the same side. Our view was Target 1840, but this ascent moved too much and stopped on the roof that was related to the previous waves.
At present, from the beginning of the first wave, 1760, to the 1862 region, we consider it as wave 1 of wave 3, and we isolate this wave inside the channel.
This wave consists of 3 leading waves of the same size.
And they will give us some possibilities.
In the first case, with the failure of the problem line, which is related to the other wave channel, an ascent will take place from 1860 to 1900, which again, this ascent is probably related to wave 1 of wave 3.
In the next possibility, before the break of the black line, another drop to Fibo 0.23 will finally be 0.38 and out of our sight 0.50.
And from these ranges, another upward movement starts, and this time it will be in the form of wave 3 of wave 3, which is the first target of 1900.
We will have other possibilities for the full decline of gold, which we will share in the next analysis.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️