The 15min timeframe shows clear breakout from the uptrend we've been trading on.
We still have the 3323.3 support level to break, and I am kind of expecting it to be a support level that will serve as a bounce to retrace towards 3339.6 as a retest for the breakout.
If we break below it, Great!
If we dont there will be another opportunity to sell.
My target for this move will be between the 3307.1 - 3280.5 range shown in the chart.
3288.9 is the main support for this move, but we still have that FVG below our target, so be aware of that too.
If we have a fakeout, I'll consider wave 4 completed at that 3323.3 test done earlier today, and aim for our Wave 5 target.
MGC1! Hey guys, I'm a new trader here and I'm looking for a little advice. I see the charts you guys have and they look so much more advance than mine. Any feedback at all would be great.
Dropping my memorial day update on gold right now.
Price has reached our Wave 3 target but it could still go a little higher, possibly even passing above that down trendline before retracing to our Wave 4 target(Golden zone).
However, I would be extra careful as it has begun showing signs of weakness. As you can see in the MACD and RSI, a break below the ascending trendline happened and MACD is now retesting that breakout. RSI has risen above the TL, but im suspecting it to be a fakeout given the context. In addition, The rounding pattern that price created on friday's close could indicate distribution.
For our Wave 4 target, I have that 3288.9 level. As I mentioned before, this level has been a pivot level, attracting price like a magnet many times previously. It is possible for price to dip a little below and dip into that vp gap target, but that would require strong selling pressure since VP gaps are usually strong points of support and resistance.
If a dip into that liquidity target happens, my Wave 5 target might need to be changed, but I'll deal with it when it happens.
MGC1! It is crazy how solid the use of wyckoff, elliot waves and trendlines is for trading. Most of my targets on gold have been hit, the exceptions are the targets that I created by not believing my first targets were going to get hit.
I first posted my analysis on this impulse wave on gold 4 days ago, and looking back, a little patience would've helped a lot throughout all these moves.
Now just gotta be patient for the signal that Wave 3 is completed. W4 target is again that 3291 target, after we break that lower rising trendline. there's always a possibility of we dipping into that liquidity target, but for right now 3291 has been holding strong support so I'll keep that as my W4 target.
MGC1! And price has entered our Wave 4 target!
