KVE

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

FX:XAUUSD   Gold Spot / U.S. Dollar
152 2 12
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.
Comment: 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...

Comment: 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...

Comment: Level to watch:

Also try to figure out whether the down move is a corrective or a motive wave... (3 or 5 waves...?)
Comment: 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!
Comment: Breakout, SL below the pinbar
it looks like a 5 wave completion maybe abc to follow?
Reply
KVE pmcllc
That's what I was thinking but I needed some more info first, today we went into the preceding wave 4 area and had a 3-wave structure so we made the min. requirements imo..., I'll update the idea accordingly!
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