■Outlook of XAUUSD on 12h chart.
I had two scenarios.
The 1st scenario looks correct.
The probability that 2nd scenario is wronged is high.
If the assumption of 1st scenario is correct,
We are on wave E of "Bottom flat descending Triangle".
Sub-waves of wave E are probably "Zigzag".
The sub-wave "b" retraced Fibo 78.6% of sub-wave "a".
Sub-Wave "c" of wave E will be 5 waves Impulse or Diagonal.
The target of wave E is:
1. Sub-wave "a" and sub-wave "c" may be the same length.
2. Wave D's Fibonacci level 61.8 to 71.8%.
3. Extension line touch connecting the end of waves A and C (Orange line).
Probably, wave E will grow to the levels of 1678-1730.
In this scenario, the stop loss level is 1677.
■1st scenario, Jan 6 idea.
■2nd scenario, Jan 16 idea.
I had two scenarios.
The 1st scenario looks correct.
The probability that 2nd scenario is wronged is high.
If the assumption of 1st scenario is correct,
We are on wave E of "Bottom flat descending Triangle".
Sub-waves of wave E are probably "Zigzag".
The sub-wave "b" retraced Fibo 78.6% of sub-wave "a".
Sub-Wave "c" of wave E will be 5 waves Impulse or Diagonal.
The target of wave E is:
1. Sub-wave "a" and sub-wave "c" may be the same length.
2. Wave D's Fibonacci level 61.8 to 71.8%.
3. Extension line touch connecting the end of waves A and C (Orange line).
Probably, wave E will grow to the levels of 1678-1730.
In this scenario, the stop loss level is 1677.
■1st scenario, Jan 6 idea.
■2nd scenario, Jan 16 idea.
