XAU.usd hit our Targets. Now "to B or not to B" is the question
Quick post to alert of possible ABC correction underway.
We could be in a wave B which often is a "Bull Trap".
If so, it should top pretty soon and turn back down.
The drop was quite violent, typical of a wave A retrace.
The bounce shows an abc structure as a wave B should be.
But lets see how it progresses, the Fomo is strong in this one.
Previous Gold Analysis (click):
Jul 24, 2020: $2100 top hit
Apr 13, 2020: $1747 Top Call <= within 10 cents!
Feb 25, 2020: $1565 Retrace Plot
Jan 09, 2020: $1650-1750 Tragetted
Oct 03, 2019: $1650 then $2100?<= BOOM
Sep 04, 2019: $1555 top call
Jul 19, 2019: $1406 to $1525
Jun 24, 2019: $1439 top call<= To the Penny
Apr 04, 2019: $1270 bounce<= To the Penny
Apr 16, 2019: $1280 break
Mar 03, 2019: $1380 call <= 1 year ago
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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We could be in a wave B which often is a "Bull Trap".
If so, it should top pretty soon and turn back down.
The drop was quite violent, typical of a wave A retrace.
The bounce shows an abc structure as a wave B should be.
But lets see how it progresses, the Fomo is strong in this one.
Previous Gold Analysis (click):
Jul 24, 2020: $2100 top hit
Apr 13, 2020: $1747 Top Call <= within 10 cents!
Feb 25, 2020: $1565 Retrace Plot
Jan 09, 2020: $1650-1750 Tragetted
Oct 03, 2019: $1650 then $2100?<= BOOM
Sep 04, 2019: $1555 top call
Jul 19, 2019: $1406 to $1525
Jun 24, 2019: $1439 top call<= To the Penny
Apr 04, 2019: $1270 bounce<= To the Penny
Apr 16, 2019: $1280 break
Mar 03, 2019: $1380 call <= 1 year ago
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
We overshot a bit
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Zoom IN a bit (1h) for a closer look
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Zoom IN more (21 min) and adding a local fib to the bounce wave
And that would be fitting after a 3.618 initial bounce.
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Zoom OUT a bit (34 min), add the new fib above to original fibs:
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SUMMARY:
- original plan still quite possible but would need to turn down very soon.
- we now have some precise zones of interest, to gauge the reaction as each one is hit.
- since it already went higher than originally plotted Major resistance, this could go higher to a minor resistance plotted just now.
- ie: indecisive, not a place to make any trading decisions, keeping longs for now, not opening any shorts yet.
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