As shown in the post above, I'm waiting for the downside breakout from the symmetrical triangle. You can have elliot wave counts within triangle or just skip it, its purely based on trade rules. I feel XAUUSD is weak on long timeframe also though it has support around 1200;s zone but breaking the zone will result in heavy downside movement.
Happy Trading !
Happy Trading !
Trade active
But pullbacks possible, only after 1212's we will see a good drop, So plan your stops accordingly to avoid backlashNote
Re-draw the lower trendline, to be in sync with market moves, Xauusd is still rangingNote
Note
Though it tested our patience a lot, finally we got the move from the breakout as expected ;)
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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.