Analysis On 14th December 2022
This is a Bird View so Possible Movement of Gold in a Daily TF for a Medium-term view.
>Wave Counts - Recently, Gold has just reached to Depth of Correction point in Minute Cycle of Wave Count, while in an Intermediate Cycle, it seems like Wave C is still on.
Furthermore, Last month's upward journey is still not break 50%(Healthy Retracement) of retracement compared to top of B wave (Intermediate Cycle). (Bearish)
Divergences - There is multiple divergences, we can see in above chart,
1. Bearish Continuous Divergence between 2nd wave and C wave within the C wave (Intermediate Cycle). (Bearish)
2. Bearish Reversal Divergence in Wave C (Minute Cycle), Where some sort of Upward Triangle Chart Pattern Has Formed. (Bearish)
After all, I expect one more downside leg which is5th wave in Minor Cycle, till Depth of Correction in Intermediate cycle of 4th Wave (1451.41 $)
Have a Good Day!!
This is a Bird View so Possible Movement of Gold in a Daily TF for a Medium-term view.
>Wave Counts - Recently, Gold has just reached to Depth of Correction point in Minute Cycle of Wave Count, while in an Intermediate Cycle, it seems like Wave C is still on.
Furthermore, Last month's upward journey is still not break 50%(Healthy Retracement) of retracement compared to top of B wave (Intermediate Cycle). (Bearish)
Divergences - There is multiple divergences, we can see in above chart,
1. Bearish Continuous Divergence between 2nd wave and C wave within the C wave (Intermediate Cycle). (Bearish)
2. Bearish Reversal Divergence in Wave C (Minute Cycle), Where some sort of Upward Triangle Chart Pattern Has Formed. (Bearish)
After all, I expect one more downside leg which is5th wave in Minor Cycle, till Depth of Correction in Intermediate cycle of 4th Wave (1451.41 $)
Have a Good Day!!
Trade active
Successfully Breakdown of Triangle in Hourly Timeframe.Good to go with short positions with stoploss of breakdown line of triangle.
Have a Good day!!!
Note
Consciously Rejecting from Resistance zone 1823$ to 1833$.REMINDER-Have Patience because it is a daily timeframe.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.