■Outlook of XAUUSD on 1D chart.
The waves are very complicated and difficult to EW counts.
Before, I thought sub-waves of Wave (IV) were "Bottom flat descending Triangle pattern (A, B, C, D, E)".
But, this Triangle idea is wrong.
Sub-waves of Wave(IV) are shown by Orange line.
I think sub-waves of Wave(IV) are probably "Regular Flat pattern ((a), (b), (c))".
Sub-waves of Wave(a) and (b), (c) are shown by Black line.
Sub-waves of wave (a) was Double Zigzag (W,X,Y).
I think that we are on wave (b) and sub-waves of wave (b) will be probably "Regular Flat".
If the assumption of this scenario is correct,
We are probably on sub-wave c of wave (b).
Sub-waves of wave c will be 5 waves Impulse.
The wave (b) will grow to Wave (a)'s Fibonacci level 71.8 to 90.0%.
so, Target is 1,982 to 2,030.
In this scenario, the stop loss level is 1,779 to 1,810.
The waves are very complicated and difficult to EW counts.
Before, I thought sub-waves of Wave (IV) were "Bottom flat descending Triangle pattern (A, B, C, D, E)".
But, this Triangle idea is wrong.
Sub-waves of Wave(IV) are shown by Orange line.
I think sub-waves of Wave(IV) are probably "Regular Flat pattern ((a), (b), (c))".
Sub-waves of Wave(a) and (b), (c) are shown by Black line.
Sub-waves of wave (a) was Double Zigzag (W,X,Y).
I think that we are on wave (b) and sub-waves of wave (b) will be probably "Regular Flat".
If the assumption of this scenario is correct,
We are probably on sub-wave c of wave (b).
Sub-waves of wave c will be 5 waves Impulse.
The wave (b) will grow to Wave (a)'s Fibonacci level 71.8 to 90.0%.
so, Target is 1,982 to 2,030.
In this scenario, the stop loss level is 1,779 to 1,810.