ABCD pattern in XAUUSD
We did storable a bit to continue to D but with the recent rallies we are well in track of the time it should take to complete CD for AB and CD to be symmetrical.
Since we have crossed B, I'm assuming we are going to get to D and for it to extend little beyond D since it has struggled a bit on the way up.
I like the fact that there's a Fibonacci retracement 0.0236 close to D and I would expect it to be a good entry for a short.
In that order of ideas, we have:
Entry short at 1286.35
Take profit 1 at 1255.00
Take profit 2 at 1229.66
Good Luck.
Since we have crossed B, I'm assuming we are going to get to D and for it to extend little beyond D since it has struggled a bit on the way up.
I like the fact that there's a Fibonacci retracement 0.0236 close to D and I would expect it to be a good entry for a short.
In that order of ideas, we have:
Entry short at 1286.35
Take profit 1 at 1255.00
Take profit 2 at 1229.66
Good Luck.
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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.