trade_sniper
Short

Short term Elliot wave count

FX:XAUUSD   Gold/U.S. Dollar
305 0 0
Looks to me like we may have had a wave 3 of some degree completed and are in wave 4 to the upside. I see several factors that may see price turn around and enter wave 5 at around 1335:

1. This is 0.382 Fibonacci retracement of wave 3
2. At this price, wave c would equal wave a
3. If this price were reached in the next 24 hours, the lower trend line of the previous channel may provide some resistance

I'll set a pending order below the low of wave b at 1326, but will be looking for a higher entry around 1335. Initial target around $1300.
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