Gold XAUUSD corrective pattern
Updated
Xauusd made high near 2532 where impulse 5 wave completed..
and started corrective wave w-x-y (double correction done) and made low near 2470 near the channel bottom support.
If it sustains inside the channel with bullish candle formation above 2480 than expect one more move up for wave X towards 2490-2495
now stay cautious in shorting near the channel support.. it can be trap if profit booking follows.
golden ratio level 2470 if broken than downside 2460-2455
Disclaimer.. Study is only for educational purpose and no trading advise
and started corrective wave w-x-y (double correction done) and made low near 2470 near the channel bottom support.
If it sustains inside the channel with bullish candle formation above 2480 than expect one more move up for wave X towards 2490-2495
now stay cautious in shorting near the channel support.. it can be trap if profit booking follows.
golden ratio level 2470 if broken than downside 2460-2455
Disclaimer.. Study is only for educational purpose and no trading advise
Note
till now bounced to 2486Note
high made 2492... as expectedTrade closed: target reached
2495 finally done
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