Gold prepare for high degree correction

FX:XAUUSD   Gold/U.S. Dollar
220 0 7
10 months ago
Gold             is moving fantastic and according to our long term analysis. The next big trade will be to target a high degree correction (wave B lower in orange). We are finding a high for wave A at the moment which might make gold             a bit harder to trade short term due to possible spikes up before the market realizes that the bullish momentum is over for now.

The 4 hour time frame shows a potential short term trade set-up for that final high for wave A.

I expect a last leg higher for wave 5 in red, however wave 4 in red might not be in place yet. So looking for a bullish impulse of lesser degree and consolidation is what I will do. If it does not unfold the way I like it, I simply let it go due to the incredible trading opportunities the market is offering us at the moment in many Forex crosses. The main trade will be the move lower towards at least 1200 and likely lower.

updates will follow


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10 months ago

I like to see a deeper retrace but the impulse higher that will come is what you don't want to miss.
The reason why I like to see a deeper retrace is because as long as we don't do that the next bullish move might just be the final leg of the current structure counted as wave A on daily chart.

So I'm not so much interested in selling gold but want a confirmation that wave A is over so we can prepare for buying wave C.
10 months ago
Comment: We are seeing the deeper retrace we were looking for to confirm that the first leg higher (wave A in orange) is over. Now I will be focusing on at least a 3 wave consolidation before buying Gold for an impulse higher.
updates will follow.
9 months ago
Comment: Gold is correcting as projected. We might see another short term sell opportunity but the trade we don't want to miss is the long once this correction is over. The more significant the retrace the better the buy will be so let's give it some time.
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