KVE
Short

XAU/USD: Gold still in correction or starting a new uptrend?

FX:XAUUSD   Gold/U.S. Dollar
132 1 11
7 months ago
Imo it would be too soon to signal the start of a new impulse up but I included the start of an impulse count anyway.

Atm I'm more inclined to look for new shorts in case this is still just part of a larger scale corrective pattern.

The 3-wave down move might just be the first part instead of the whole correction...

2 possible (bat or Gartley ) patterns are also drawn, the first pattern might be closer to a Gartley (0.591 B is close to 0.618...) so it might already be filled since we reached 0.786 of XA...

It's hard to say where the current up-move might end in case of continuing correction, but I will be looking for short opportunities in the blue squares depicted on the chart.

Weekly chart linked below.

7 months ago
Comment: Blue bat did the job, at TP1, 38.2% retracement now!
7 months ago
Comment: bat TP2 hit
Gene_L
7 months ago
I’m determined and believe this pattern as well...
Reply
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