SMALL BUY followed by MAJOR SELL for GOLD (ELLIOT WAVE THEORY)
MAJOR TIMEFRAME
By using elliot's wave theory I believe we are still in a downtrend in the Major Timeframe for XAUUSD. Based on my mapping i believe we are currently completing LEG C of the FLAT corrective structure in the major timeframe which should go below or at the least to the start of LEG A. For this I am expecting an expanded Flat for the price to hit the bottom channel (refer to Major timeframe) to complete LEG C. As for LEG C I will be expecting it to unfold in a 5 waves down pattern.
MINOR TIMEFRAME
Looking at the minor timeframe it seems like we are in the process of completing Wave 2 of the 5 expected waves down. We are likely to see price push up to complete the E LEG of the triangle which would then complete the Flat corrective structure for WAVE 2. After that we may start going for the bearish run for Wave 3.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to fall in the medium term
By using elliot's wave theory I believe we are still in a downtrend in the Major Timeframe for XAUUSD. Based on my mapping i believe we are currently completing LEG C of the FLAT corrective structure in the major timeframe which should go below or at the least to the start of LEG A. For this I am expecting an expanded Flat for the price to hit the bottom channel (refer to Major timeframe) to complete LEG C. As for LEG C I will be expecting it to unfold in a 5 waves down pattern.
MINOR TIMEFRAME
Looking at the minor timeframe it seems like we are in the process of completing Wave 2 of the 5 expected waves down. We are likely to see price push up to complete the E LEG of the triangle which would then complete the Flat corrective structure for WAVE 2. After that we may start going for the bearish run for Wave 3.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to fall in the medium term
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.