Formation of Ending Diagonal
Updated
Gold has been in a triple three correction WXYXZ wave since August 2020 and it is now near to the last minor correction. The last major correction wave Z seems to be a zigzag correction that suggest it should be unfolded in 5-3-5 wave. I highly believe that we are currently in the final 5 minor wave correction of the zigzag which is also an ending diagonal.
If price is rejected or even an extension to 1808 and followed by an rejection, it is a good chance to take this short setup.
The potential first target is 1766 which is 1.236% of wave a. There is a possible extension to 1760 which is previous low but price should remain above 1753.
If price is rejected or even an extension to 1808 and followed by an rejection, it is a good chance to take this short setup.
The potential first target is 1766 which is 1.236% of wave a. There is a possible extension to 1760 which is previous low but price should remain above 1753.
Trade closed: target reached
Closed all sell position at 1785
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