Long

Updated

XAUUSD

Hello Traders!

XAUUSD is in sell mode right now, we may see a bounce from the current Fib levels of .618/.786 for an up move to complete the 3-4 retracement on a higher degree.

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1-2 wave correction was complex and now we see 3-4 as a deep correction. Will see an up move from the Fibonacci levels.

Trade active

1966 target for the 5 Wave in a lower degree.

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and 2016

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Two scenarios:
Bullish - The price has to stay above fib levels of .38%m(1933) for the upside targets of 2016 and 2066 for the intermediate 5 wave in blue.

Bearish: If price breaks 1933 level, we can assume intermediate 5 wave blue has completed at 2008 and 5 wave in red is also complete.

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ABC is complete and now we PA is working on 1-2 on a lower degree.

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Daily Chart:
PA is above the 200 EMA suggests bullishness, daily close below the B-line (8-EMA) 1960 will trigger shorts with support at 1931 (blue - 20 EMA).

Daily RSI is above 60, which is again bullish. cross below 60 will trigger shorts.

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Price bounced off from .786% retracement of 1-2 wave, now if price breaks 1987 then we can assume 1-2 is complete and we are in 3rd wave of smaller degree.

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If price breaks 1987, targets for upside will be 1993/2004 and 2020 for third wave.

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Daily candle closed as bullish engulfing and above 8-ema (Black-Line). Targets for upside are 1994/2004/2020.

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Symmetrical triangle formation on daily chart suggests continuation. If price breaks the top descending trend line, Target for upside is 2030 and if PA breaks below the bottom trend line target for downside is 1920.
Volume is contracting within the triangle and should see a spike in volume upon breakout with increase in bullish vol bars.

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All targets for upside achieved today 1994/2004/2020.
Next: Pennant formation in hourly suggesting more upside is pending.
Target 2040.

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If we break below 2016 area our next support is at 2009/2000.

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Price bounced of 8-Ema (black line) suggests more upside.

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Price broke out of symmetrical triangle on low a low volume bar suggesting momentum is slowing down and one needs to be cautious.

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The third wave in a lower degree (purple) completed at 2030 and now the 3-4 is complete for the downside.

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Target 2044

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Price bounced off from daily 8 ema suggests more upside.

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2044 target done.

Trade closed: target reached

Aman_FX

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Aman_FX