XAUUSD - Correctional Wave C Before the Rise?
- Overextended ATH of 2817 reached due to fundamentals and policy uncertainties.
- Weekly TF wave count seems like correctional wave (b) has ended, starting the move for wave (c).
-Start of Wave (c) which could potentially test golden fib ratio of 0.618 (approximately $2480) or if markets chooses to test 0.786 levels, prices could lower extend to the 2400 region.
- Once this is reached, next move to $3200-$3400 could be on the cards given the upward sloping trend line maintaining the clear bullish trend for the rest of this year.
- Another confluence would be reducing demand from ATH prices sparking heavier supplies at the top causing a sell off to reach target of wave (c).
Let me know your thoughts!
- Weekly TF wave count seems like correctional wave (b) has ended, starting the move for wave (c).
-Start of Wave (c) which could potentially test golden fib ratio of 0.618 (approximately $2480) or if markets chooses to test 0.786 levels, prices could lower extend to the 2400 region.
- Once this is reached, next move to $3200-$3400 could be on the cards given the upward sloping trend line maintaining the clear bullish trend for the rest of this year.
- Another confluence would be reducing demand from ATH prices sparking heavier supplies at the top causing a sell off to reach target of wave (c).
Let me know your thoughts!
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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.