MohamedMagdy

XAUUSD WAVE ANALYSIS

FX_IDC:XAUUSD   GOLD / US DOLLAR
Long term gold             technical analysis .
the green horizontal line is a critical support . Breaking it down then retesting it would be a sign of a strong bearish move. .
However, The break up of the red triangle would be a sign for a bullish move to complete that corrective abcde structure in which you can go long after the break up of those correction patterns that maybe formed whatever they will be !!

if price break up the red triangle and couldn't far to point e and then went down and broke the line horizontal green support , that may indicate the beginning of a strong impulse wave 3 in the down direction in which the targets will be calculated with respect to the five waves formed in the red triangle which will be then all combined equals wave 1 of a bearish market Elliot wave !
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