THEORIS : Gold Elliott wave chart of #XAUUSDTriangle to break up green line.
15m after drop I think it must rise as a black arrow path
minimum target 2340
if it can not pass the worst case for this ABCDE pattern, It should drop like a pink arrow path.
Big picture.
4H EW chart abcde high potential to break green line.
All of this is invalid if the price is lower than the E zone.
Abcdepattern
EURUSD Daily Elliot Wave AnalysisAfter completing the first upward Impulse wave, we've seen a downward correction in the form of Wave A, followed by a complex correction Wave B forming an ABCDE triangle pattern. Now, as the triangle appears to be completed, we anticipate the breakout of Wave C to the downside, with expectations of it continuing towards the Fibonacci 61.8% retracement level.
WHA | Wave Projection | ABCDE Rising Triangle TargetPrice action and chart pattern trading setup:
> The key level to watch for the price now almost reaches the upcoming channel resistance and minor ABC pattern T1 zone.
> Take partial profit recommendation, most likely to retest the triangle neckline or breakdown making E wave dump and pump pattern.
> Entry @ neckline pullback zone 0.382 and S2 @ 0.618 SMA200D zone
> Target @ T2 Major ABC Target and Inverse Head & Shoulders +25%
> Stoploss @ SMA200D zone -8%
> Risk reward ratio: 3:1
Always trade with affordable risk and respect your stoploss