Gold has completed a zigzag from the bottom at 1265 and has also completed an "x" at 1272 wit a sharp leg down , the structure is still corrective, the upward target is 1290, please note the next leg up is expected to be a zigzag
Gold is going through a zigzag pattern , in which waves (A), (B) are complete , wave (C) is going to end around the top trend line around 1300 .
From the top at 1345 Gold has completed a 5 wave structure , and then the second 5 wave structure was completed from the top of 1325.
USDCAD completed a nice looking expanded flat today and is ready to complete a high degree zigzag. Today's pull back has created a 3:1 profit to loss ratio trade setup. As a whole US Dollar index DXY is going to gain its strength in next 10 to 15 days, i.e DXY is ready for a bull run.
EURO presents an interesting buy opportunity as it is only in the beginning of the bullish trend.Euro has completed an expanded flat correction
in the w,x,y pattern. I expect (y) to be of larger size than (w).
Finally Gold has started to move in that bullish move that we have been expecting for a while , support lies at 1182 and target zone is at 1250.
The overall pattern is looking to be double zigzag.The wave count in Euro and US Dollar index DXY is also supporting this, US Dollar is about to finish last leg of bearish correction , hence GBP, CAD , EUR , AUS and Gold...
Gold is completing an ending diagonal as wave (c) of the wave (a), (b), (c) zigzag. The ending diagonal is going through the process of completing wave (5) in the ending diagonal , since wave (3) is larger in size than wave (1), wave (5) is going to be larger than wave (3). A price movement beyond the encompassing support line of ending diagonal will invalidate...
The ending diagonal got a little longer but the bull trend that I called in my last post is still there to come.I hope that you used confirmation signal which would have stopped you from taking loss. Note that wave 1 , 3 and 5 in the ending diagonal of the expanded flat are equal in size , telling either the down move is over or very little to be over.
So the bearish ending diagonal in 15 minute chart is over , which is also the end of complex flat on 2 hourly chart. The Bullish trend has resumed, at least we are going to test the top of the sideways corrections from last few days ; 1210 .
The price action at that juncture will lead us if the prices are going to continue up or not.Have a good one , keep an eye...
Gold is going to retest 1187, gold is forming a triangle in 15 minute chart as wave 4 of an ending diagonal, please adjust your trade accordingly.
After gold has completed the last leg of the ending diagonal (Wave Y at higher degree )of a higher degree combination correction, the price will jump up , be ware of tomorrow's bear trap, but don't be in rush to take...
On 4 Hour chart Gold has started to go up , on the 15 minute chart it has yet to complete last two sub waves of the triangle of the combination correction. The support lies at 1187 , the potential target is 1255. The structure expected ahead is a zigzag. This is an amazing trade with about 1:5 loss to profit ratio. Hope this helps you.Thanks
Gold continues sideways behavior in a triangle. Gold is completing a combination correction, wave (a) is a double zigzag , wave (b) is an expanded flat and wave (c) is going to be a triangle with two sub waves to go. The price extreme has occurred at 1187 , a price below the support of 1187 would tell that my labeling is wrong. Happy trading.