My Elliotical Approach to XAUUSD Short.

Jan 12, 2023

Hello traders!
1. I see a clear 5 wave impulsive structure and then a correction to 88.6% Fib. This is important as most 2nd waves tend to move till 78.6% to 88.6% Fib.

2. We also have a confirmation of a double top candle pattern in 30min tf.

3. The expected target can reach 161% of wave 1 and 2 after using trend based Fib extension. This is because most 3rd waves tend to go till 161% of wave 1.

Do use proper risk management.
Happy Trading!

Profits,
Market's Mechanic.

Jan 12, 2023

Trade closed: stop reached