GOLD (XAUUSD) - Corrective ABC for Intermediate Wave 2
Gold (XAUUSD) is being drawn towards 11th Oct Vibration Level and 11th Nov Bearish Breach with a Leading Diagonal still under development, most probably with a 3-3-3 sequence.
27th Jan low is not satisfactory as a 2nd Intermediate Wave due to its 38% Fibs Retracement (pink) which is revealing that in fact we only had the 4th Intermediate Wave (green) so far as a Retracement.
5th Intermediate Wave (green) is still under development, unfolding as a Leading Diagonal towards the end of the 1st Primary Wave (blue). The Leading Diagonal should complete once the Bearish Divergence will join and show a reliable sign that it has come to an end.
Fibonacci Extensions are all pointing out towards the Vibration Level which is quite significant and a Rejection is needed before the Retest and the Breach.
Short set-up Limit Orders:
Aggressive Entry - 1260.00
SL - 1280.00
Conservative Entry - 1270.00
SL - 1290.00
TP 1 - 1200.00
TP 2 - 1180.00
27th Jan low is not satisfactory as a 2nd Intermediate Wave due to its 38% Fibs Retracement (pink) which is revealing that in fact we only had the 4th Intermediate Wave (green) so far as a Retracement.
5th Intermediate Wave (green) is still under development, unfolding as a Leading Diagonal towards the end of the 1st Primary Wave (blue). The Leading Diagonal should complete once the Bearish Divergence will join and show a reliable sign that it has come to an end.
Fibonacci Extensions are all pointing out towards the Vibration Level which is quite significant and a Rejection is needed before the Retest and the Breach.
Short set-up Limit Orders:
Aggressive Entry - 1260.00
SL - 1280.00
Conservative Entry - 1270.00
SL - 1290.00
TP 1 - 1200.00
TP 2 - 1180.00
Comment:
TP 1 reached. Corrective Minor B should comence.
Trade closed: target reached
