XAUUSD on retrace
the first fibonacci in the left side of the chart is the first clue of the bottom of the downtrend by making a flat correction (A and B) wich lead to a strong C at allmost 161% of fibonacci, this next wave is a bullish correction, some could call it a bullish flag is still the same, everytime after a big bounce in a short time it has to "correct" the too fast bounce, i can still read the correction with elliotwaves wich show the start of a basic and common structure called "zigzag" and most of zig zag leg A is an impulse wich it did so this is a confermation of a zigzag pattern wich will end at the big C at 38% or 50% some cases even 61% of the fibonacci at the right side.
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