Bandarsq
Long

Gold Retraces to Make Wave X

FX:XAUUSD   Gold / U.S. Dollar
XAUUSD             has completed WXY and now is up for wave. Correction is not over yet as I expect another WXY after this retrace.
Comment: Entry signal is by breaking out of the down trend.
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Comment: XAUUSD reached a lower level around 1206 which happens to be a respected Fibo level. I updated the EW count as shown below.
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Comment: Possible Inverted Head and Shoulders pattern. Breakout will confirm it.
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Trade closed: target reached: Target 1243 perfectly hit today. Hope you all enjoyed it :)
where do you expect it will it complete the final bear wave? Thanks
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I think it could reach 1145 or lower.
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entry signal to go long you mean. Right?
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Yes long which I expect to happen early next week.
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mabaert PRO Bandarsq
you think it can reach that low early next week? Sounds like a fast decline
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I actually expect a bounce and a retracement to 1240s.
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mabaert PRO Bandarsq
Seems to be the general expectation. Only question is if it will go down to test 1206 again before the bounce, or the that the bounce has already started
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Nightstar mabaert
Keep an eye on the US dollar and the Euro.. they are highly correlated with Gold at the moment, and I wouldn't be surprised if the dollar tops ahead of the US Employment report next week.
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Bandarsq PRO Nightstar
USDJPY is also correlated with XAUUSD to a very high degree. I wouldn't rush anything as this is the very early stage of bull basing.
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Good question if the bounce has started or not. I usually tend to not catch the first bounce but I wait for the pull back.
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This is excellent work.
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Cheers! bro.
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Good work bro.. keep it on
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Bandarsq PRO CGMTraderFx
Thanks Riju.
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like the "falling wedge" update. Think this is the safest atm - either wait for breakout upside or downside. TA montly close will be important. Thanks for sharing
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I agree to play it safe as the main bear trend is still intact. Thanks for the comment.
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u still short right?
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No bro. I'm long now.
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awesome.... :) tx for posting
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Bandarsq PRO webmiztriz
welcome :)
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EXCELLENT!!
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Bandarsq PRO webmiztriz
Thank you.
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By far the best chart analysis I've seen so far. Excellent call on the bounce to 1240's, where do you think it will go next?
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Thank you. I just published a new idea. Please check it.
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Awesome targeting! Great work!!
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Bandarsq PRO AlphaDreams
Thanks. Cheers!
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