EPPS
Long

XAUUSD - New Elliott Wave + Possible Inv Head and Shoulders setu

FX:XAUUSD   Gold Spot / U.S. Dollar
After the succesfull ABC retraction wave we are in a new full elliott wave cycle.
Just had bumps 1 and 2 and we are in wave 3 now.
If wave 3 ends here we could see some chop as we battle out the remaining longs in the volume profile .
This battle would make a inverted head and shoulders pattern that makes the continuation of uptrend possible.

Also the Russian central bank has purchased a lot of gold             to stabilise the "rubble" IMO             this can be seen as a constitutional order position that they must defend when the prices drop any further.

Let me know your thoughts!
Regards
EPPS
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