tempraturbo
Short

XAUUSD - Rising Wedge + 5 wave completed

FX:XAUUSD   Gold Spot / U.S. Dollar
235 8 13
Check the chart for more information.
Trade closed: target reached: @1337
it broke the channel to the downside maybe in an ABC pattern ??
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Its too early to tell you about the next pattern, what I can see right now is a small and dynamic pressure to pull the price down.
Tomorrow the BoE will announce the interest rates, and it can be a problem to us. Lets wait what will happen this night and then we can analyse the chart again.
Thanks
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I digg the analysis and believe it's spot on, but why would you fade the primary trend? Why not wait for the correction and trade it to the upside again, where your prob (%) is higher?
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tempraturbo kniedoborski
The trend can be different in each time frame.
What I see in the XAUUSD chart is a up trend on D1 but in H4 it is showing some SIGNALS (not confirmed) that this trend is near the end OR a big retracement will happen before resume the up trend.
Checking H4, we are exactly on the top of right shoulder form H&S pattern, rejected the level 76% retracement of last wave down, the rising wedge (continuation pattern) was respected and broken and the end of rising wedge are near from the points said before.
Also in H1 i can see a small and dynamic pressure to pull the price down, but tomorrow the BoE will announce the interest rates, and it can be a problem to us. Lets wait what will happen this night and then we can analyse the chart again.
Thanks
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Terrific analysis!! Goob Job PRO!
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tempraturbo vitoreuphrasio
Thanks for your support, man!
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I like the wave analysis the only problem with it is that different traders have different views on the count
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Hi, thanks for your insights.
IMHO, I use the EW count only to complement my main analysis, in this case, to give me some clue when the rising wedge can be broken.

Thanks!

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