In two with silver. The recent price action shows an impulsive structure with clear 1-5 waves. But I remain concerned that wave 4 looks too similar to wave 2. Therefore I've added an alternate count showing a large ABC correction in play. BOTH counts should see a drop soon.
XAUUSD: Extended Flat Abc running on fumes. Price spikes higher yesterday, however, I would like to see a move lower to complete the daily impulse off the daily lows. This would allow a longer-term entry long. For the moment I will wait on the 15 min tf for a bearish entry to sell the green box.
Aussie pushing hard and refusing to give it up! I would not be surprised if we see one more squeeze higher here before a correction lower, which is looking substantial even at the 23% retracement level--such has been the rally!
The weekly and daily price action has some glaring issues for me. It has thrown a spanner in the works in regard to my original very bullish count. I had been working on the assumption that the rise off the 2018 August lows formed a 5 wave impulsive move. However, wave 2 and wave 4 are too similar in both structure and complexity to continue with this theme. I...
Looking for a long entry out of the triangle. A break and bearish retest of the triangle will call for a review of the count. Either way. Price is caught in a tight coil AND will go one way with force. be vigilant and keep eyes peeled. I will update this pair as things progress. Any questions, feel free to DM me.