XAUUSD: Let's Finally See a Correction...
Hello everyone, this is my analysis for XAUUSD (GOLD);
- Gold had been pushing up continuously for a while until recently showing exhaustion (rejections in D1 TF on current resistance).
- Price has seemed to complete the 1-2-3-4-5 Elliot Wave structure after a strong third wave impulse. A correction is possible with the formation of the H&S pattern (A-B Elliot Wave right shoulder, C being the breakout).
- Target for the correction is around 1570.
- An ideal entry for a short would be if price breaks the current trend-line and crosses below the Ichimoku cloud with a red cloud formation.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- Gold had been pushing up continuously for a while until recently showing exhaustion (rejections in D1 TF on current resistance).
- Price has seemed to complete the 1-2-3-4-5 Elliot Wave structure after a strong third wave impulse. A correction is possible with the formation of the H&S pattern (A-B Elliot Wave right shoulder, C being the breakout).
- Target for the correction is around 1570.
- An ideal entry for a short would be if price breaks the current trend-line and crosses below the Ichimoku cloud with a red cloud formation.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
Comment:
- Price successfully corrected to the anticipated target.