FullTimeTrader
Long

XAUUSD-ending diagonal finished

FX_IDC:XAUUSD   GOLD / US DOLLAR
1866 24 30
Something big is happening with gold             . Here we can see a perfect ending diagonal just finished.
A strong swift rally is expected.
We could have and ABC (or WXY) correction to the targets shown on chart before rate hike (if any)
I entered long today after FOMC news and following silver             setup, i will update to pinpoint a setup with defined SL and targets.
Regards.
This is my alternate count, which would become my primary count if gold moves above 1162.98 from June 5.
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1162 invalidated my primary count as well, good catch
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looking @ 1160-70 correct?
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I'm looking for a fifth wave up out of the present consolidation of the past six hours. When the consolidation completes, I will add $11 and $20 for some fibonacci targets, and expect a pull back, either to new lows (main count), or a fourth wave prior to the next move that would take gold above 1162.98 (alternate).
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Good plan, regards.
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Yes, that would be a first target because we have a trendline resistance there
snapshot
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This would be a very strange looking ending diagonal.
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FullTimeTrader IvanLabrie
I know there are several valid counts but i do not want to go too much into theory. This is a clear wedge, right now its is breaking a strong resistance to the upside.
+2 Reply
ThirdWaveUp PRO FullTimeTrader
Honestly as my primary count failed, the "trend-is-your-friend" saved me from bad trades.
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or could have been finished in jan15, now impuls down running ?
snapshot
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zkot.pen PRO look4edge
This is not a valid count for a triangle -- wave (d) cannot exceed wave (b)
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HERE IS THE NEXT POTENTIAL SHORT ON GOLD
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Hello, we could have some pullback near the trendline for sure, difficult to pinpoint. Long term the move is clear impulsive, i think gold will be bullish full month until next USD rate news.
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Roncriss FullTimeTrader
Thanks
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Yahia.Awes Roncriss
Daily looks like it wants to correct indeed.
snapshot
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FullTimeTrader Yahia.Awes
Its true, its a hidden bearish divergence, we could have some pullback there. I will be prepared to take profits on any pullback and add long. I think the W1 bullish divergence is stronger.
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Maybe you should show the weekly bullish div on macd too..
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FullTimeTrader Yahia.Awes
Yes!! Theres is a monster triple bullish divergence on MACD, typical for a wedge. But some traders do not use or believe in divergences.........
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Yahia.Awes FullTimeTrader
Nice macd cross about to happen also, unfortunately i was catching a falling knife to short it.
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Could you please show the whole pattern this ED belongs? I mean major levels too. Thank you.
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Hello, here is my prefered count so far. The red arrow shows the possible moves im expecting to add more longs.
snapshot
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IvanLabrie PRO FullTimeTrader
Pretty much the EWI count.
It makes sense overall.
So far so good, good job.
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aibek FullTimeTrader
Hello man! Red circled ABC is the correction of larger wave 2 or 4? Where do you see the target for impulse up?
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Solid perspective.
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