GOLD - Bottomed Out! Higher Timeframe Overview ✨
At the start of this year, we identified that Gold was in a 5 wave impulse and that we were currently in wave 4, which is an ABC correction. At the time, we only saw Waves A and B of that correction and anticipated Wave C lower.
Price went on to create a massive move lower completing the 5 waves for wave C. The 5th wave for C was an ending diagonal, which completed at the 0.5 fibonacci level. See below:
An ending diagonal consists of 5 waves, which are broken down into 3, 3, 3, 3, 3. See chart below:
We are now on Wave 5, which can either be an impulse or an ascending correction - Important to note that it has 5 waves.
We've almost completed wave 1 and we'll be looking for wave 2 ABC correction so we can jump in for the mega wave 3.
Trade Idea:
- Watch for wave 2 to start
- Wave 2 will be an ABC correction
- When on Wave C of wave 2, look for a trendline break or BOS to confirm that wave 3 has started
- Hold until we reach the highs (4000pips), target the -27 fibonacci next
Goodluck and as always, trade safe!
Price went on to create a massive move lower completing the 5 waves for wave C. The 5th wave for C was an ending diagonal, which completed at the 0.5 fibonacci level. See below:
An ending diagonal consists of 5 waves, which are broken down into 3, 3, 3, 3, 3. See chart below:
We are now on Wave 5, which can either be an impulse or an ascending correction - Important to note that it has 5 waves.
We've almost completed wave 1 and we'll be looking for wave 2 ABC correction so we can jump in for the mega wave 3.
Trade Idea:
- Watch for wave 2 to start
- Wave 2 will be an ABC correction
- When on Wave C of wave 2, look for a trendline break or BOS to confirm that wave 3 has started
- Hold until we reach the highs (4000pips), target the -27 fibonacci next
Goodluck and as always, trade safe!
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