Fierrax

Fierrax

Fierrax believes that it has completed wave 2 correction and should be moving to wave 3 soon. A break upward of 1783 will invalidate the wave count. For education purposes only.

Fierrax

The correction extended and it seems to be like a triangle. Triangle ABCDE can also be one type of EW correction pattern. For education purposes only.

Fierrax

Fierrax is still of the position that gold are currently still on wave 4. Based on past, every deep drop sideway for sometime. 1) it can either move up to 1798 area before continuing the downtrend; or 2) immediately break 1765 area If it breaks 1812 area, then it invalidate my wave count. For education purposes only.

Fierrax

Gold has a deep dive last week, however every deep dive will have a correction. In the point of EW view, currently it is moving towards Wave 4 correction. Fierrax foresee that it is an expanded Wave 4 of Wave ABC. Wave C has a few possible level which is 61.8%, 100% and 123.6%. It has successfully hit 61.8% and two more level to go. However 1H appears divergence....

Fierrax

As communicated, I am waiting for a correction to wave 4 and seems like it is moving towards wave 4. However, based on EW rules, the correction for wave 4 can up to 50% retracement. Personally, Fierrax believes that the correction won't be so huge. The correction might stop on 23.6% or 38.2% which are also a monthly resistant level. For education purposes only.

Fierrax

XAUUSD has a deep dive and had reached the second extension of wave 3, there are 2 more levels to go. But we would not know how deep it will extend. I will wait for correction to wave 4 before continue selling. For education purposes only.

Fierrax

Yesterday setup was not fulfilled as the market is waiting for today's FOMC announcement. Fierrax would suggest to keep out of the market today. However, the wave count is still valid. For education purposes only.

Fierrax

Yesterday movement has told us that it is an unfolded wave C. It should be moving up to min 50% fib level to confirm wave 2 (it can go beyond 50%) before continuing the bear trend again. For education purposes only.

Fierrax Updated 

There are two possible scenarios:- 1) Unfolded Wave C 2) Wave C This can be determined by either a break at 1826 price level or a retracement at any point of time now. Fierrax does not always bias to any trend and we analyze based on wave. It can be a buy if 1865 breaks or a sell if 1841 breaks. For education purposes only.

Fierrax

On previous post, it did not go down immediately but corrected up to 1903 and now it is continue his downtrend move. 1900 was wave C, 61.8 retracement of wave B where is has completed the whole EW corrective wave. For education purposes only.

Fierrax

For education purpose only.

Fierrax

For education purposes only.

Fierrax Updated 

For education purposes only.

Fierrax Updated 

For education purpose only.

Fierrax Updated 

For education purpose only.