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!!!
Good to go with short positions with stoploss of breakdown line of triangle.
Have a Good day!!!
REMINDER-Have Patience because it is a daily timeframe.