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MendiUser
Apr 4, 2024 5:01 AM

Gold Correction Due - before this week market close Short

Gold vs US DollarPepperstone

Description

PEPPERSTONE:XAUUSD

Following the principles of #ElliotWaves, when waves 1 and 3 form without any extension, then wave 5 tends to make approximately the same magnitude in the same amount of duration.

Wave 1 - Magnitude - ~ $76+ in ~ 2 D and 17 hrs
Wave 5 - Magnitude also made ~ $76+ (Short of 60 cents) in ~ 2D 11 hrs as of this post.

In this scenario, when there was no extension in the impulse waves, the correction would be till 0.618 to .50 Fib Retracement Level 2226 - 2200 Range.
Comments
Genius345
it's just going up n up n up
MendiUser
@Genius345, Yep If the assumptions I made hold up, Gold is due correction.
MendiUser
@Genius345, During the London session. It would provide some kind of confirmation
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