Gold - Made a perfect sharp reversal at expected resistance zone.
This could be the start of wave C lower maybe, in which case we'll need to look for 1473, 100% projection of wave A or lower at 1445 as the 161.8% projection.
For now though, we're still in this ugly correction and there are many ways how this could play out this week. WXY, Flat, big w4 Triangle, w(b) Triangle and probably something else I haven't yet thought about …
So, be cautious when trading this, especially if you are a swing trader.
This could be the start of wave C lower maybe, in which case we'll need to look for 1473, 100% projection of wave A or lower at 1445 as the 161.8% projection.
For now though, we're still in this ugly correction and there are many ways how this could play out this week. WXY, Flat, big w4 Triangle, w(b) Triangle and probably something else I haven't yet thought about …
So, be cautious when trading this, especially if you are a swing trader.
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We got a 3 waves decline imo which can make this into a potential triangle.If we go above 1519, the bearish triangle count gets negated and we then can consider that we have a bullish one in play and that we'll continue higher for some more time.
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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.