■Outlook of XAUUSD on 4h chart.
Sub-waves of wave iv(shown by Green) are probably "Bottom flat descending Triangle".
Now, We are on "Sub-wave E" of Wave iv.
probably, Sub-waves of wave E is "Zigzag".
I think we are on "sub-wave b" of Wave E.
The sub-wave b retraced Fibonacci 38.2% of sub-wave a.
The sub-wave b will finish soon.
The last "wave c" is 5 waves impulse.
The lengths of "wave a" and "wave b" will be the same.
If the assumptions are correct, I think the wave E target will be in the range of wave D's Fibonacci 78.6% to 90.0% or supported by an extension line connecting the end of sub-wave A and C.
Probably, The wave E (Orange) will grow to the levels of 1685-1720.
In this scenario, the stop loss level is 1850.
■Last time my idea, Nov 21;
Sub-waves of wave iv(shown by Green) are probably "Bottom flat descending Triangle".
Now, We are on "Sub-wave E" of Wave iv.
probably, Sub-waves of wave E is "Zigzag".
I think we are on "sub-wave b" of Wave E.
The sub-wave b retraced Fibonacci 38.2% of sub-wave a.
The sub-wave b will finish soon.
The last "wave c" is 5 waves impulse.
The lengths of "wave a" and "wave b" will be the same.
If the assumptions are correct, I think the wave E target will be in the range of wave D's Fibonacci 78.6% to 90.0% or supported by an extension line connecting the end of sub-wave A and C.
Probably, The wave E (Orange) will grow to the levels of 1685-1720.
In this scenario, the stop loss level is 1850.
■Last time my idea, Nov 21;
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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.