GOLD (XAUUSD) | The best scenario for the future of gold 🎯
Hello traders, Gold in weekly timeframe . This analysis is prepared in weekly timeframe but is displayed for a better view in 2 week timeframe.
According to our studies, according to Elliott, gold is within its fifth wave.
Of course, it is difficult to say that we have reached the end of a complete cycle, but this has probably happened.
The five-wave wave has completed its waves 1, 2 and 3 in a very normal way and with excellent fibro ratios.
And now we are inside Wave 4, Wave 4 is involved in Fibo 0.38, and in the last year, as it should, it has not been able to break this Fibo towards the bottom.
Well, there are some impressions from this incident:
Wave 4 of Wave 5 is a triangle and this wave tends to be long in time to have a deep correction. Of course, if the bottom of the orange canal is broken.
Wave 4 will have a lot of possibilities with the form it has created.
And the interesting thing is that it even has the form of a zigzag that inside its wave b and wave b can be considered as a triangle.
The price has reached the closest range to the bottom of the orange channel and this is the best opportunity to complete wave b by breaking the bottom of the channel and drop wave c from the bottom of the channel and confirm its zigzag subject, and if gold enters the channel 1800 And break the roof of the black channel, this issue will be rejected.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
According to our studies, according to Elliott, gold is within its fifth wave.
Of course, it is difficult to say that we have reached the end of a complete cycle, but this has probably happened.
The five-wave wave has completed its waves 1, 2 and 3 in a very normal way and with excellent fibro ratios.
And now we are inside Wave 4, Wave 4 is involved in Fibo 0.38, and in the last year, as it should, it has not been able to break this Fibo towards the bottom.
Well, there are some impressions from this incident:
Wave 4 of Wave 5 is a triangle and this wave tends to be long in time to have a deep correction. Of course, if the bottom of the orange canal is broken.
Wave 4 will have a lot of possibilities with the form it has created.
And the interesting thing is that it even has the form of a zigzag that inside its wave b and wave b can be considered as a triangle.
The price has reached the closest range to the bottom of the orange channel and this is the best opportunity to complete wave b by breaking the bottom of the channel and drop wave c from the bottom of the channel and confirm its zigzag subject, and if gold enters the channel 1800 And break the roof of the black channel, this issue will be rejected.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
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.