rasaqdayo

Kindly Zoom for the Elliot wave count. 1800 will be a good buy

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
1617 views
18
Kindly Zoom for the wave count. I am sharing this method that could potentially be a good mechanical strategy. There are three layers (major/sub-major/minor). I follow the pink trendline from the major layer to determine the market direction but wait for retracement to the fib bands on sub-major and minor layers. Its good to combine with RSI divergence and EW count. I believe 1800 will be good buy maybe around election time.
Comment: Pink 'curve' not 'trendline'
Comment: Bulls have to be careful of traps
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Comment: I have 2 guesses for bullish view.
1. COVID-19 second wave might turn Gold attractive again as a save haven which could later cause "Gold crash" by end of first quarter once vaccine news start rolling out.
2. Stimulus would come after election - crazy view though. If Rep looses, they might agree to the terms of Dem on stimulus (maybe they are just be waiting for a good time to play "You just lost a good and empathetic leader game").
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