Eliottwavetheory
GOLD Decisive.. Short opportunity (95%) : Eliot waves analysisGOLD Short opportunity (95%) : Eliot waves analysis
GOLD is in a low risk area where you can get easy profits as usual with my charts.
--> Stay down of the 1700 weekly PIVOT is always a short possibility.
--> Breaking the 1690 level is already a call of SELL (Targets are 1671 & then 1650)
--> Breaking the 1703 price with confirmation candles is already a call of BUY (Targets are 1710 & then 1720): In this case GOLD go to retest the global downside & gravity trend of the chart again.
** Instructions: Always wait for a good confirmation to the breakout (A reversal signal or a good break signal)
** Two candles in 15M are very important for a basic level (Begainer) to decide.
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XAUUSD - Ending Diagonal - End Of Correction?Here is a Elliot Wave Triple Three correctional combination which began since the last impulse move reached its peak (1689) in February.
The Zigzag pattern you can see between wave X to Z is the final corrective pattern of the three combinations which implies that the correction is coming to an end. Further confluence is provided by the nature in which the final set of waves are forming. They are coming together in an Ending Diagonal . Ending Diagonals are commonly found at the end of a Wave C in a correctional sequence.
I see this final wave coming to at least 1650 according to the general guidelines, and then a wick out anywhere down below between the 1650-1630 zone.
From there we could see a new yearly high with an initial target of 1787. Further wave extensions are coming in at 1808, 1833 and 1846. This is a long term target (quarterly and biannual) which only serves to provide an indication of the current direction.
Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for educational analysis and illustration purposes only.
Do not trade or speculate based solely on the information provided.
Trust your own analysis.
Beyond Edge