ABC correction down to Weekly Demand area. Confluence with 0.618 Fib, ABCD 1.0 and 1.23 handle
ABC correction down to Monthly Demand area (navy). Convergence of 61.8Fib, 1.618 ABCD and 1.10 handle to firm up area further.
As per the previous Idea (link below). Looking for ABC completion down to 50% of previous 5 waves up on DAILY. We have made it about halfway down so far.
Expecting a retracement into Weekly Demand coming from a very strong Monthly Supply Zone
Even though there could be further upside on the Gold this week (a possible pump to 1800), it's hit all the Fibonacci numbers and it is a healthy way into a Monthly Supply zone (blue shaded area) so an ABC down could be on the cards. (See diagram)
Could be a pullback to Demand area before continuing up to Wave 5
Some short-term trades to watch out for. A possible move up to the fresh 4 Hour Supply 1 zone, pushing it back down through the tired looking Demand 1 zone (Good place to take some off) onto Demand 2.
Heavy Supply and Demand zones. Bit of ping pong with price.
With the price hitting a huge weekly Supply Zone, it's feasable to see a push down to find some liquidity
Bit of jockeying before a bigger pump up at NY session? Some ideas to make some money
Daily triangle, wave 4 breakout. Heading to wave 5 climax. Another push tomorrow into Weekly? It's flagging up quite nicely as I write. Watch out for a 'stop hunt' below the consolidation (1726) first though.
Rejected Weekly trendline (white line) Probably going to end up down at the Monthly trendline now (pink line).
Gold, you are cleared for take off. We will be cruising at about 1800 feet. Emergency exits are around 1668. We hope you enjoy your flight
I would imagine this big Daily Triangle will end at or around NFP with a move to the upside. I'll be looking at these areas for day trades till then
Based on the idea that Wave 2 is not done yet so more downside could be possible before a bullish move (possibly at NFP).