After the previous analysis had a bit of drawdown, I decided to update the chart to have a close to nothing drawdown if the market goes in favor, else we take the opposite trade. Trade safe, the market is volatile
Having gotten 90 pips successfully from the previous fall, the pair is on a trend-line support and has shown multiple rejection candle and with the DXY reversing, the aussie should gain strength against the dollar, we hope to see a long worth 100+ pips
This is a opportunity at catching the pips early as we are nearing the ending of a leading diagonal of wave 1, we would be seeing a retracement along the way to give us mini pips gain, but the ultmate is the swing view in mind. Stay tuned and follow me for updates on mini timeframes. Happy Trading
On its long run to the upside, some retracements have to be obeserved, with the Thursdays/Friday healthy sub wave 3, we might be seeing a termination soon as the RSI is grossly oversold on the 4h and hourly chart before a ride further upside and another fall. Enjoy and donate
With the completion of the leading diagonal , we might be seeing a correction before another ascent to the 2000 area. Goodluck
A contracting triangle that should be terminated on the E-sub wave before a final lethal drop.
Having updated on almost every move on gold, this takes the icing, seeing that we made a consolidation/correction between the recent high and 1953, we might be seeing the final touch down before the blow off. TRADE WITH MINIMAL RISK
LOOK IINTO THE CHART
Having rallied to the upside, it hits a long term trendline on the 4H from where it broke out from which also coincides with the end of wave B correction. SHORT WITH APPROPRIATE RISK
After the fall on Friday due to the FED news, we saw the gold rise steadily with few retracements on the way, forming the wave 1 of our overall journey to the 2090 dollar per ounce journey. The gold is presently on the terminal of the wave (with a hidden divergence sighted on the RSI) and we still have some bit of upside before the first major retracement to the 1950s
This is an update to a previous IDEA
Following the fall from the peak, we are up for a wave 4 corrective pattern, wave 4 would definitely give us some suspense, but keep in mind that we are expecting a complex corrective structure, most likely a triangle. Prepare and share
Following finalizing of the wave C count with a 5 sub waves, we might be seeing a breakthrough to start the wave 5 or if another pullback occurs, a retest of the 1900 demand zone and we go off to wave 5, either ways, the bias is a LONG. Important areas : 1. 2000 for a wave 5 long confirmation to 2100 + 2. Rejection of 1977, to finalise wave e of the wave 4...