XAUUSD (Bullish Impulse) - Daily
Updated
0-1 There was a Cypher Pattern, which gave us point 1 completion at -0.618.
1-2 ABC Pattern was formed.
2-3 Bullish impulse from ABCs and X-A of Gartley Pattern.
3-4 Type of ABCD formation that gave us D completion of Gartley Pattern exactly at 0.786.
4 to 5
I expect Channel to be completed by reaching point 5 at top.
I measured bullish Flag by placing 0.236 at top of consolidation and got 0.618 as perfect support for the entire consolidation, -0.27 - 1.618 area would be take profit (1.618 from Trend-Based Fib Extension).
MACD shows Flag much easier with an ABC structure for our bullish impulse.
Good Trading - Daily Chart
1-2 ABC Pattern was formed.
2-3 Bullish impulse from ABCs and X-A of Gartley Pattern.
3-4 Type of ABCD formation that gave us D completion of Gartley Pattern exactly at 0.786.
4 to 5
I expect Channel to be completed by reaching point 5 at top.
I measured bullish Flag by placing 0.236 at top of consolidation and got 0.618 as perfect support for the entire consolidation, -0.27 - 1.618 area would be take profit (1.618 from Trend-Based Fib Extension).
MACD shows Flag much easier with an ABC structure for our bullish impulse.
Good Trading - Daily Chart
Note
Price made retest at major trendline leaving a minor consolidation for support and went bullish, at this point I still expect some consolidation at that area, but expect tou buy that breakout.Good Trading.
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