Xauusdshort
gold short rsi divergence 1 hr T1 28 T2 20 On 1Hr chart gold is showing rsi divergence in short term goa we can target 28 rom 43 . Thank you
XAUUSD Setup for Next Week If you get any reversal pattern, you can sell XAUUSD NEar 1942-44 and one can buy near 1918-20 if they get any reversal pattern in 5 min chart like Hammer folowed by engulfing candle.
If it breaks the 1915 level on closing basis, then we may see 1890-1865 level very soon. I am expecting that after touching the price of 1944, it will touch 1890-1865 level for a bigger upmove.
My Elliotical Approach to XAUUSD Short.Hello traders!
1. We see 5 distinct waves each with their own seperate qualities as clearly mentioned on the chart.
2. We see and ending diagonal in wave v , which was followed by a swift and sharp wave (A).
3. Wave (A) retraced 61.8% which also happens to be a major resistance of the XAUUSD market on the daily tf.
4. Wave (A) also divides in 5 waves which I have not marked on the chart. This is so, because wave 1 and wave 2 of wave (A) seem to have operlapped a bit with wave 2 retracing close to 100% of wave 1 . This can happen in highly leveraged markets. For those who are new to Elliot Wave Theory, wave 2 should not retarce more than 100% of wave 1.
5. Wave B of a correction consists of 3 waves of which 2 waves are impulsive. B is considered elliotically non-tradable . But it components are impulsive and some part of it can definitely be traded.
6. Important resistance and support zones on the chart also point towards reversal of the XAUUSD market.
7. We do have to wait for the formation of wave 1 and wave 2 of (A) wave for confirmation .
8. Definitive targets and invalidation points will come in existence after confirmation.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.