■Outlook of XAUUSD on 4h chart.
Waves on the Upper Degree are probably "Bottom flat descending Triangle".
We are on wave E of the Triangle. and, Sub-waves of wave E are "Zigzag".
The Sub-wave "a" of Zigzag is 5 waves Impulse.
The Sub-wave "b" of Zigzag was 3 waves Double three(W,X,Y).
Sub-waves of Double three
Wave w, "Expanded Flat".
Wave x, "Zigzag"
Wave Y , "Regular Flat"
The sub-wave "b" retraced Fibo 61.8% of sub-wave "a".
I think we are on sub-wave "c" of Wave E.
Probably, The lengths of sub-wave "a" and sub-wave "c" 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 61.8% to 78.6% or supported by an extension line connecting the end of waves A and C.
Probably, The wave E (Orange) will grow to the levels of 1720-1750.
In this scenario, the stop loss level is 1830.
■Last time my idea, Dec 31
■Dec 17 idea;
■Nov 21 idea;
Waves on the Upper Degree are probably "Bottom flat descending Triangle".
We are on wave E of the Triangle. and, Sub-waves of wave E are "Zigzag".
The Sub-wave "a" of Zigzag is 5 waves Impulse.
The Sub-wave "b" of Zigzag was 3 waves Double three(W,X,Y).
Sub-waves of Double three
Wave w, "Expanded Flat".
Wave x, "Zigzag"
Wave Y , "Regular Flat"
The sub-wave "b" retraced Fibo 61.8% of sub-wave "a".
I think we are on sub-wave "c" of Wave E.
Probably, The lengths of sub-wave "a" and sub-wave "c" 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 61.8% to 78.6% or supported by an extension line connecting the end of waves A and C.
Probably, The wave E (Orange) will grow to the levels of 1720-1750.
In this scenario, the stop loss level is 1830.
■Last time my idea, Dec 31
■Dec 17 idea;
■Nov 21 idea;
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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.