This was previous posting about XAUUSD , sadly, it didn`t hit my reversal zone, and start correction.
However, as you see above it is just small correction, which means it will sky rocket.
I am pretty sure that gold will be most profitable asset among stock, currency, house.
Main chart is weekly XAUUSD chart.
As you can see, it made First wave, Second wave was correction as triangle, and It started correction of first subwave in Third wave.
Let`s see first subwave in Third wave I mentioned just above and my previous posting.
Yeah, $1,488.86 was perfect spot for scalpers.
0.236 fib, and purple .
But as my wave counting(white), this first subwave is likely done already!!(based on other indicator)
I really don`t mind accumulating gold from $1412.87 which is 0.5 fib level
Because it is very very unlikely to break down $1,250 considering , and will SKYROKCET after correction.
But I highly recommend you to enter from $1,380 which is 0.618 fib.
Because, second subwave is most likely more than 0.5 fib of first subwave, and there is lot of supporting structure below 0.618fib:
Yeah of course, I don`t know how this second subwave goes.
But I do know I have to buy gold (especally real gold , not paper gold ) at those fib level.
Tips for short term traders:
TP is based of 0.382 fib of whole first subwave, support structure, HS-parttern.
SL is quite ambigous, but I will set "breaking up confirmation of purple trend line"