FullTimeTrader
Short

XAUUSD-EW-very interesting long term projections

FX:XAUUSD   Gold Spot / U.S. Dollar
763 5 15
Very interesting, according to this weekly chart the price is developing a five wave decline that corrects a larger monthly impulse.
Primary wave 5 (purple) is unfolding as an ending diagonal , a 3-3-3-3-3 structure ("zigzags")
Looking at the internal structure of the diagonal we see prices is under bearish pressure trying to break a 0.61 fib proyection of wave 3 (orange)
If the price breaks this level a good strategy would be to put sell stop orders below this level.
Final target would be the 100% of diagonal's wave 3 (near 1041)
This levels coincides almost exactly with the projected primary wave5=wave 1 (purple) of the larger impulse decline

Best Regards


great work thank you
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I was getting something like this. If it's indeed an ending diagonal, then this is wave A of a larger correction?
My count was more along the WXY kind, a triple three.
I really don't have a clue, all I know is I have these two targets and projections:

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IvanLabrie IvanLabrie
(Silver would be bottoming before gold technically).
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FullTimeTrader IvanLabrie
Hello, the last wave is forming a complex correction, im staying aside now, we could have a small rebound before the final decline. I would prefer to put a sell stop order below last lows.
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IvanLabrie FullTimeTrader
Yeah, similar view. Won't do anything for now.
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