One of the strongest reversal patterns in EW!

FX:XAUUSD   Gold / U.S. Dollar
Probably the strongest reversal patterns in EW! Wave-5 completion confirmation and just waiting for the price to fall below trend line to go short on Monday
robus mater
what is that blue arrow !?
lower high
I'll be watching for the pattern to emerge but its losing momentum..
seems like completion of w2 on lower TF and the next decline should be a sharp one (waiting for a confirmation on Asia open)
+1 Reply
robus mater
I am looking specifically for pinbar / gravestone doji atleast on higher tf to short this.
No lower high my friend it already broke it to the upside , short is not in place before we hit 1300
Will it be retrace or reversal !? What is your target downside ?
Its a reversal because 1200 was W-3 and we just completed the ABC correction (which turned out to be a nightmare) with this impulse as C
so as per my EW counts, its headed towards 1170 range in next couple of weeks...
I think next few days should give us a sharp fall to 1230-40 if we look at historical reversals with this kind of pattern
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I'm getting a similar result with the Symmertric Triangle, will wait until 1268.5, also likely pullback once it breaks. Sl 1279-80, TP 1242, watching 61.8 fib. Also, however, a possible is a long from the support ie 1271-72, sl 1268 w, TP 1295-97.....could be a hedge bet!! No need to rush it though, surely there's no catalyst, before Wednesday? So many different opinions here.. Problely 80% bears 20% bulls. Cheers good luck...just my thoughts
robus Ronnee
1285-1295 is rocky road.
Ronnee robus
For sure it's all rocky at present,,only TP,,if it goes up, ups up and you in profit if u have gone that way...can't really see a long yet,but 1304 is on if it does..cheers..
+1 Reply
robus Ronnee
yay ! two cheers for 1304. I am long from 1205. although it remains elusive. \m/
Thanks buddy! As per my understanding, If 1285 happens, its great news for Bulls because we're are looking at 1320 range in that case
I think we should keep the 13XX for Brexit week (anxiety!!??) to give us the push above 1320+ but 11XX seems more realistic for next couple of weeks. Lets wait for a confirmation on Monday because next 3-4 H4 candles will be very important (at least from this pattern's perspective)
+1 Reply
Ronnee mater
Absolutely,, needs to break with conficition for me, or other,,,,watch, waiting......careful..good luck.
My 2 cents. I am gonna publish soon after fine tuning. Interesting thing is that MACD is just about to go positive.
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