I am expecting D wave in the triangle. Once price will hit my D wave then i will look for E wave and will watch for price action. Either we will break through or hold D wave and will reverse for E wave.
It's looking like the 5th wave is now complete and this pair could finally see some bullish action. I plan to enter two positions....Firstly when the 4hr descending trendline is broken and secondly on a break and re-test of the kumo cloud. Both trades offer at least 1:2 risk to reward ratio and this is my trading plan for this trade.
Taking into consideration the longer term view, we notice that prices has seen a reliable support being established near the 94 level. where we can see abcdpattern completed and a possible formation H&S
the US Dollar could see another attempt to the upside 97.50.
Let's see how the market reacts at this levels for further indications.
It's always fun to trade the gold using EW strategy. I opt a bearish option on EW and kept the bullish as alternative. The reason, I didnot see continuation of bull momentum. If we are bull the current wave should be 3rd wave. Price never range in wave 3, Triangle will not be seen in wave 3. Resistance should cut like butter in wave 3. "Are we in bullish wave 3?"...
Hello,
the last daily downtrend movement seems to me like an Elliott wave, that failed to reach last low (5).
I once read, that this could lead to an trend revearsal.
If I consider the move up rejected at point (4) of EW, that seems to me like a triangle confirming the trend revearsal.
Got no clue for target of movement. But I think, it might be at least back to ...
So whats XAUUSD gonna do ?? We have wave completion with symmetrical triangle which is preparing itself for breakout, so keep this in radar to catch the trade. As always check your risk-reward before entering any trade..
Thanks for your support..Happy trading !
Possible count for trend continuation pattern.
Confirmation above (B).
(See Linked Chart - Meant to post w/ sooner)
*Note:
- It is possible the triangle has further yet and could be wider than pictured.
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Now lets deal with the analysis in weekly time frame and just understand what is happening over there.
We have already...
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