GOLD reminder "B ware wave B": bounce may be a trap for C drop for OANDA:XAUUSD by EuroMotif

GOLD reminder "B ware wave B": bounce may be a trap for C drop

Gold topped and dropped exactly to our mapped zones.
After the biggest drop in a while, we got a strong bounce.
But alas, the bounce may be a "wave B" that drops again.

$ 2695.15 - 2700.92 is MAJOR resistance that may hold the top.
$ 2643.58- 2650.09 is the KEY, if lost then wave C very likely.
$ 2506.11 - 2518.14 is the MINIMUM expected for wave C target.

==================================================================

Previous Analysis calling for $2700 top:

GOLD heads up into $ 2,700: long term target and possible "Top"

Subsequent plot looking for $2500 bounce:

GOLD topped EXACTLY where expected and is pulling back bigly

==================================================================

Trade active

BOOM

Drop exactly from our mapped fibs

.

Zoom in for closer look

Ping on Golden Genesis was bulls best chance.
Next support had decent gravity to swing us a bit.
But then we fell straight through the next support.

..

Adding a fib to the dip

$ 2609.34-2611.09 is best guess target for this leg.

.

Lets see what the rest of this shortended week does.
Expecting a little more dip and then a bounce.

==================================================================

.

Note

Follow up to last snapshot above, we bounced

Mapped support bounced it but it was first pierced.
Would preferr a cleaner bounce to coll it a bottom.
But a bounce where expected, lets see where it goes.

==================================================================

.

Note

Followup to last snapshot

With updated fib of the dip and showing what caught it.
The 2.382 (not a common bouncer) is what caught bottom.
But the bounce is already retracing and probably go lower.

.

Looking further below:

Wave's target is the 4.236 at 2534.39 reinforced by another.
Which puts us close to our original Target just below a little.
Let's see if any further progress over the US Holiday weekend.

==================================================================

.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

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.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag