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user100000
Dec 5, 2016 5:52 PM

XAUUSD Long

Gold/U.S. DollarFXCM

Description

Looking closer at the Y wave. The drop to 1156 from the trump spike seems to be a three wave structure. The first wave is a normal impulse pattern (note how useful the channel can be by containing the same degree waves within the parallel lines) followed by a brief b wave correction and an ending diagonal (hinting the end of the correction). The larger degree wave Y pattern is most likely a contracting triangle.
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