ThirdWaveUp

Gold triangle breaks on the high side

FX:XAUUSD   Gold / U.S. Dollar
DISCLAIMER: This chart is intended for research purposes ONLY, and is NOT intended to suggest actual market trade decisions. Please consult a licensed trader or perform your own research when performing actual trades.

Gold             triangle breakout was on the high side. If the 4th wave was a triangle, we would expect breakout to be short. I have re-evaluated my wave count. I believe we were seeing a smaller degree triangle within the "b" wave of a larger zig-zag correction.

Gold             has reached channel resistance as well as fib level .236. It is also worth noting the previous high denoted by the purple dashed line. Some good reasons here to suspect an area of resistance.

Next area would be the more common 0.382 fib level. The 800             EMA (which would be a 200 EMA on the 4h chart) also shows up very close to that level.

I am still waiting for my confirmation for downside resumption, which would be a red HA bar.
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