the market has created a gap and would be potentially moving up to fill that gap. also we see the institutional candle taking place and the orders to be closed there to minimize the loss.
gold holding the 1840 level strongly. having said this we also see the strong bullish momentum. having come so far up another leg up would free up a lot of liquidity.
I believe we could have a push crossing 1855 and if the momentum persists we could challenge 1870 as well.
I am also bullish because on a higher time frame we see the rising structure with HH and HL.
with the market momentum already bullish we could see the price moving to $1843 in the London session.
Then we have news coming new York session where we could see the price dipping all the way to $1823
with the move we have seen in bullish conditions it look like the selling pressure was significant. which led to the break of structure on the down.
we could see a institutional candle on the 4hr timeframe to push the price lower.
with the bullish momentum there was a lot of liquidity that was freed up and hence allowing the market to push lower.
we could see the...
we could see the leg to the down from a whole number 156 to 155.
3rd leg being equidistant.
more than an elliot wave it would be a balancing act done by the market that it does before continuing in any direction.
we see there is no structure break and we had a big push toward up and now we are seeing a healthy price action towards down to balance the market.
having seen a downward push in the recent time. we see that the structure to the down have been broken.
we could see a healthy correction to the upside going up
with the first target being 1820$ if that level is held nicely then we could see the push up to $1840.
