Upwards correction; Short-term Elliotical approach to XAUUSD.
Hello Traders!
1. We see a 5-wave impulse down which had been expected a long time coming.
2. Now there is an expected correction upwards from the market.
3. We have clear strong support and resistance.
4. Breaking of the Trend line should confirm our entry. The break of waves 2-4 trendline mostly marks the confirmation of the beginning of the correction.
5. Be smart with your risks. Trading a correction is very risky and is not advised for beginner traders.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
1. We see a 5-wave impulse down which had been expected a long time coming.
2. Now there is an expected correction upwards from the market.
3. We have clear strong support and resistance.
4. Breaking of the Trend line should confirm our entry. The break of waves 2-4 trendline mostly marks the confirmation of the beginning of the correction.
5. Be smart with your risks. Trading a correction is very risky and is not advised for beginner traders.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
Comment:
Updated count. Most expected drop till 1804 before the market gets bullish.
Comment:
The market is moving exactly as expected.
Trade closed: target reached:
All targets of this correction have been achieved. I expect further fall down. Waiting for confirmation.