Gold XAU - New bull market just started! Elliott Wave + Channel
- Gold is currently sitting on a strong support level on the weekly chart!
- We have a great confluence here - an ascending parallel channel + 200 weekly moving average + bullish rectangle.
- 200 weekly MA is considered as a very strong support by huge institutions and hedge funds.
- ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here!
- I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside.
- You can place your profit target to the TOP of the parallel channel, but do not forget to switch to a LOG scale.
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