Gold's Next Bullish Move: Key Levels to Watch
Sharp bearish move is observed since October 31, this swift move continued after a relief rally during the November monthly opening completing a zigzag pattern towards the second wave of the preceding impulse one degree lower.
Current market rally is a potential reversal that completed a five wave move for wave one (cyan), and is now completing a zigzag correction for wave two once market successfully reacts on current price levels this could also be a C leg of a Gartley/Crab Harmonic Pattern.
If market reacts on the Gartley PRZ it could complete a three wave pattern that can be an intervening X wave or a B wave of a potential triangle [Alternative Count].
If market proceeds towards D1 FVG which also falls on the wave three measurements, market might make a sideways movement for wave four before proceeding towards the draw on liquidity on October High then finally completing the five wave sequence on the Crab Harmonic Pattern PRZ
Current market rally is a potential reversal that completed a five wave move for wave one (cyan), and is now completing a zigzag correction for wave two once market successfully reacts on current price levels this could also be a C leg of a Gartley/Crab Harmonic Pattern.
If market reacts on the Gartley PRZ it could complete a three wave pattern that can be an intervening X wave or a B wave of a potential triangle [Alternative Count].
If market proceeds towards D1 FVG which also falls on the wave three measurements, market might make a sideways movement for wave four before proceeding towards the draw on liquidity on October High then finally completing the five wave sequence on the Crab Harmonic Pattern PRZ
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.