XAUUSD: Let's Finally See a Correction...
Updated
Hello everyone, this is my analysis for XAUUSD (GOLD);
- Gold had been pushing up continuously for a while until recently showing exhaustion (rejections in D1 TF on current resistance).
- Price has seemed to complete the 1-2-3-4-5 Elliot Wave structure after a strong third wave impulse. A correction is possible with the formation of the H&S pattern (A-B Elliot Wave right shoulder, C being the breakout).
- Target for the correction is around 1570.
- An ideal entry for a short would be if price breaks the current trend-line and crosses below the Ichimoku cloud with a red cloud formation.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- Gold had been pushing up continuously for a while until recently showing exhaustion (rejections in D1 TF on current resistance).
- Price has seemed to complete the 1-2-3-4-5 Elliot Wave structure after a strong third wave impulse. A correction is possible with the formation of the H&S pattern (A-B Elliot Wave right shoulder, C being the breakout).
- Target for the correction is around 1570.
- An ideal entry for a short would be if price breaks the current trend-line and crosses below the Ichimoku cloud with a red cloud formation.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
Note
- Price successfully corrected to the anticipated target.
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.