GOLD (XAUUSD) | The safest target to climb today🔥
Hello traders, Gold in 4-hour timeframe, this analysis was prepared in 4-hour timeframe but has been published for a better view in 8-hour timeframe.
First of all, I must say that the counting was done in eight hours, but we counted the smallest waves.
The basis of our count has been an uptrend, in that we are inside a leading trend in which the main waves 1 and 2 are formed and wave 3 is at the beginning of its trend.
(It should be said that in the daily time, the downtrend scenario is somewhat fielded, but there is still a possibility of downturn, and if our uptrend scenario is not fully confirmed, caution is needed) ... Wave 3 has formed its first microwave as a leading triangle.
This triangle, which corresponds to wave 1 of wave 3, is not abnormal and disproportionate to each other in our count, because microwave 3 is smaller than wave 1 of wave 3 compared to other waves, but at the moment we prefer it; Until more structure is formed.
Next, wave 2 of the main wave 3 is formed without any problems and the trend is provided to wave 3 of wave 3.
Of these, the first wave is at the end of its course and will probably rise again until 1850 to 1856 to complete it.
However, confirmation of the start of the correction for wave 2 from wave 3 of wave 3 is the breaking of the trend line downwards, and this correction will probably be able to move up to Fibo 0.618, ie the price of 1823, and even more.
But if the warning sign is broken, we have to do part of the counting again (also in this range, a harmonic pattern is formed, which forms a resistance area between 1860-1850, if this resistance is broken upwards, the correction will be done at another time)
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
First of all, I must say that the counting was done in eight hours, but we counted the smallest waves.
The basis of our count has been an uptrend, in that we are inside a leading trend in which the main waves 1 and 2 are formed and wave 3 is at the beginning of its trend.
(It should be said that in the daily time, the downtrend scenario is somewhat fielded, but there is still a possibility of downturn, and if our uptrend scenario is not fully confirmed, caution is needed) ... Wave 3 has formed its first microwave as a leading triangle.
This triangle, which corresponds to wave 1 of wave 3, is not abnormal and disproportionate to each other in our count, because microwave 3 is smaller than wave 1 of wave 3 compared to other waves, but at the moment we prefer it; Until more structure is formed.
Next, wave 2 of the main wave 3 is formed without any problems and the trend is provided to wave 3 of wave 3.
Of these, the first wave is at the end of its course and will probably rise again until 1850 to 1856 to complete it.
However, confirmation of the start of the correction for wave 2 from wave 3 of wave 3 is the breaking of the trend line downwards, and this correction will probably be able to move up to Fibo 0.618, ie the price of 1823, and even more.
But if the warning sign is broken, we have to do part of the counting again (also in this range, a harmonic pattern is formed, which forms a resistance area between 1860-1850, if this resistance is broken upwards, the correction will be done at another time)
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️