XAUUSD - TIP!
The pattern from 16-08.2018 until 13.11.2018 is repeating.
It can be noticed intraday on current charts, from 23.04.2019 until 16.05.2019 (today).
Many pips ahead!
Bullish Impulse under development.
Has chances of extending.
Wave 4 in the making.
Hammer coming soon, after it will mess with traders' minds.
Either it retraces in a wave 4 and then continues or it just continues and then retraces a bit, but still continues.
Congrats to those who really followed!
XAUUSD is in a complex corrective structure, with more up-side to come. 1385 and then we'll see more details.
Verdict: More upside to come after some consolidation patterns.
Multiple trades reaching projections!
Congrats to my followers and members!
XAUUSD: Turning Bearish
A complete 5-wave sequence in an impulse has completed.
Today's (Aug 13th) fall has shown consistency, retracing 38.2% of the entire above-mentioned rally.
This is a retracement typical for a wave A or a wave 1.
A Big Short could be in play
How can we know and what are the current short levels?
In order to confirm that we are starting a bearish sequence, XAUUSD would need to show resistance at the:
- FR 61.8% (1513.82)
-FR 78.6% (1523.15)
What's the SL for a short position?
If a Short is not in play, then what could happen?
An extension could occur in another rally.
How can that be determined?
Only if the current rise would react in an impulsive manner towards breaking 1540.00 .
Bearish swing posted:
If it continues lower in an impulsive manner, then a correction would pave the way for a big sell-off.
However, there are still chances for a "clumsy" continuation within an Ending Diagonal, should XAU manage to bounce next week.
* In case of a breach, then the lower trend-line would act as the rejection zone and the sell-off entry.
* In case of a bullish impulse, then the Diagonal would be in play and the 1565-1585 zone should give more signs for the reversal.
**Note that 1585 reflects Sep 2011 and Dec 2015 Fibonacci Retracements, the Golden Ratio 61.8%.
Let me know if you guys agree or like this view.
Many pips ahead!