venckusarunas
Short

Gold correction nearly ended

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             was in rally almost all the month, but according to Elliott wave count it is in the corrective wave of 2. It can be deep correction and even the double top could be done here. Now it is at the last minor Fibonacci retracement level of 88%.
Trade idea:
1. First position will be taken as the reversal confirmation from price action, reversal bars or reversal pattern in 4 hour time frame is found.
2. Second position will be taken if first one is taken and unfolding in positive direction, 4 hour first continuation partern is unfolded and ended correction, and If continuation bars will appear.
I have a question? The ending diagonal must have ABC corrective pattern. In that case 5th wave has to be corrective wave right? So I feel The wave B is ended (green) instead of 2. What do you think? I think 1179 is this week high :)
Reply
Yes EarnfromFX, thank you. I've put wrong pattern labels :)
Reply
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