l.pro

Triangle corection

FX:XAUUSD   Gold / U.S. Dollar
161 0 8
Triangle pattern still in play. Evidence grow as bulls failed to make a new high above 1253 today, that would invalidate this count.

We probably made A of circled E down and started corrective B of circled E that I expect to develop the whole NYC session today, with PA squeezed between MA50 & MA200. Final low of circled E expected by 6 a.m. EST tomorrow.

I expect wave 5 to develop in 5 waves:
- Wave 1 (1220 - 1252): 1252 is multi week resistance, upper border of triangle as support for Wave 2;
- Wave 3 (1240 to 1298): 3=1.618 of 1, multi week resistance at 1280 as support for Wave 4;
- Wave 5, (1315): 5=1, above high of 1307 of preceding ending diagonal .
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