XAUUSD retrace UpDate: Gold has one small Leg down then UP ?

Updated

Gold fell hard and then slowly recovered a bit.
The big drop looks like a wave 3, so 4,5 coming?
I see three possible wave 4 to 5 transitions.

But more important than the EW count are the Fib zones.
Confluence of fibs always provide strong support/resistance .
In the bigger picture, this retrace should lead to higher highs.

See my previous Idea about new highs:

XAUUSD retrace watch: Gold has one more leg UP ?

Note

Approaching my most likely plot zone for wave (4) to end

Zooming on last leg up, the fib says 4.236 might have been top for now

but this wave looks to have enough energy to reach for the 4.618, which would fit perfectly with the resistance zone determined by higher tf fibs.

Note

Here we are at the 1304 zone boundary

looks like it might break through to the next zone up, but watching closely here.

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Note

Shorts Fired. Decent recognition of my final resistance zone

Zoom shows the precise rejection at lower boundary

Short was fired upon rejection, SL just above the 1309.77 boundary.

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Note

Nice drop after blow-off top

now back to possible support zone ...

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Note

Previous resistance zone now offering a bit of support at bottom boundary

'bottom' boundary being important, which is bearish compared to a 'top' boundary bounce for more bullish ...

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Note

Beautiful 4.236 wave

should bounce a bit here.

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EuroMotif

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