$XAU Hit Target @ 1216.67; Limited Rally Into 5-0 Patt. | $Gold
Friends,
A quick tech-note here on $XAUUSD:
1 - Hit 1226.67 target and reversed - Although I'd expect consolidation to be the next time-consuming event, a 5-0 pattern is lurking above, demanding completion at its defining 50% level from recent down-swing, or at 1284.99 - High probability target.
2 - Prop Pattern may receive validation as well, pending target reach at TG-1 = 1301 (moderate probability)
3 - Low probability target rests at 1321.71
OVERALL:
The initial analysis called for a reversal at a higher level based on a Shark. This secondary target allowed that same Shark to extend its BC leg to complete on a predictive/forecasting model that defined a slightly lower potential reversal mark than would be defined by target alone.
Expected rally is now driven by target completion of Shark's acolyte: The 5-0 Pattern, although loftier targets remain from a prior analysis that say a Wolfe Wave as the main driver of a deeper reversal. While 5-0 may gain validation, these higher targets remain valid as defined by predictive/forecasting model.
However, in the context of a trend preservation, these loftier targets should also be considered as strong bearish entrenchments, likely to cap any further advance. Indeed, predictive/forecasting model remains strongly bearish across short and medium terms.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----------------------
Twitter: @4xForecaster
-----------------------
A quick tech-note here on $XAUUSD:
1 - Hit 1226.67 target and reversed - Although I'd expect consolidation to be the next time-consuming event, a 5-0 pattern is lurking above, demanding completion at its defining 50% level from recent down-swing, or at 1284.99 - High probability target.
2 - Prop Pattern may receive validation as well, pending target reach at TG-1 = 1301 (moderate probability)
3 - Low probability target rests at 1321.71
OVERALL:
The initial analysis called for a reversal at a higher level based on a Shark. This secondary target allowed that same Shark to extend its BC leg to complete on a predictive/forecasting model that defined a slightly lower potential reversal mark than would be defined by target alone.
Expected rally is now driven by target completion of Shark's acolyte: The 5-0 Pattern, although loftier targets remain from a prior analysis that say a Wolfe Wave as the main driver of a deeper reversal. While 5-0 may gain validation, these higher targets remain valid as defined by predictive/forecasting model.
However, in the context of a trend preservation, these loftier targets should also be considered as strong bearish entrenchments, likely to cap any further advance. Indeed, predictive/forecasting model remains strongly bearish across short and medium terms.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----------------------
Twitter: @4xForecaster
-----------------------
