In the previous article, we were expecting a temporary bounce within a broader bearish structure, not a full trend reversal.
Check here:
Price action is still consistent with that bearish view, but the slope suggests we are still in Wave 3. XAUUSD may form wicks near the lower band of the parallel channel. Wave X has reached wave equality (100% of Wave A). It's possible to see 4000 – 3950 or lower before a reversal. Wave 4 may occur with minimal retracement, as the slope is very strong.
Bulls should not act hastily without confirmation, as we don't know how large the wicks in gold can be. The first confirmation of the participation will be the breakout of wave (A) low.
By BrightRally_Research
Check here:
Price action is still consistent with that bearish view, but the slope suggests we are still in Wave 3. XAUUSD may form wicks near the lower band of the parallel channel. Wave X has reached wave equality (100% of Wave A). It's possible to see 4000 – 3950 or lower before a reversal. Wave 4 may occur with minimal retracement, as the slope is very strong.
Bulls should not act hastily without confirmation, as we don't know how large the wicks in gold can be. The first confirmation of the participation will be the breakout of wave (A) low.
By BrightRally_Research
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.