XAU/USD study: Breakout wave count, end of move projection.

Jul 5, 2016

Attempt at projecting the end of a possible breakout move (false or not will need to be confirmed on daily at least).

For study purposes.

Jul 6, 2016

Note

Reaction at the first level, retracement ongoing, limited so far and a little early to conclude anything.
Maybe we can use this TF to confirm a possible breakout though, if we get a limited retracement here without going too far below the trendline we could get an entry for a possible further rally...
Looking for an ABC zigzag, a flat or a triangle...

Jul 6, 2016

Note

Looking at the 15 min. it is possible that we did complete 5 waves in the last up move so wave 5 of the 4H count could be finished. Watching the reaction at the channel/S/R/trendline now...

Jul 6, 2016

Note

Level to watch:

Also try to figure out whether the down move is a corrective or a motive wave... (3 or 5 waves...?)

Jul 7, 2016

Note

Possible corrective structure made my min. requirements, not to say it can't continue further down but I do see a possibility for a breakout trade above this possible corrective pattern!

Jul 10, 2016

Note

Breakout, SL below the pinbar