Gold Bullish parallel channel for FX_IDC:XAUUSD by Sangam-Agarwal

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elliottwaves parallelchannel pitchfork elliotwaveanalysis sangam_agarwal gold xauusd xauusdanalysis

Gold is trading in parallel channel if we go more precise than we have pitchfork with 1.618 and 2.382 parallel.
This trend is 5 wave rally with 3rd wave extension of 3rd wave. After the 5 wave up trend we expect trend reversal that is ABC correction. Breakout outside this channel will confirm bearish correction upto 1815 which 38.2% percent of entire movement.

Comments

Hello mate. I have been trying to figure out how to include the additional lines on a "Parallel Channel". Can you please clarify, because i see you have 7 total lines, meaning 4 additional than what the regular "Parallel Channel" tool provides. I personally only want to add two lines to designate the half points between the middle line and the standard outer lines.

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Demetrios1993

@Demetrios1993, method 1, clone existing lines
method 2, pitchfork (advance version of parallel channel methodology . it adds additional lines based on fibonnaci ratios )
parallel channel , trend lines, pitchfork are separate tools in tradingview

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Sangam-Agarwal

@Sangam-Agarwal, I see. Thanks for your prompt response.

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