Gold broke out of the long term ending diagonal on the weekly time frame. For my weekly wave count of January 7 see below:
The structure on the 4 hour chart is relatively obvious in terms of the previous impulse that resulted in the break. However the consolidation does not look right to me. This does not mean off course that it cannot be completed already, it only means that I will wait a bit longer until the structure shows me a high probability trade opportunity.
The arrows show an indication of my preferred scenario. The main trade however will be the bullish continuation. If we see price continue higher from here I simple wait for the next consolidation.
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The structure on the 4 hour chart is relatively obvious in terms of the previous impulse that resulted in the break. However the consolidation does not look right to me. This does not mean off course that it cannot be completed already, it only means that I will wait a bit longer until the structure shows me a high probability trade opportunity.
The arrows show an indication of my preferred scenario. The main trade however will be the bullish continuation. If we see price continue higher from here I simple wait for the next consolidation.
timstuyts.com
facebook/timstuyts
Note
Still looking for that last leg lower for wave C for the ideal buy set-up scenario. If it moves higher from here I have to wait for the next consolidation.Note
I've been posting about a correction of larger degree for a week now and I still think this is the way to go. If not then I let gold go for now because buying from here is not what I like to do.Let's see whether we see the leg lower for wave C soon before a major buy trade might present itself.
Note
Gold takes its time for the correction which is good after such a strong impulse and reversal on the weekly time frame. I'll be looking to sell the break for a wave C lower. If we move higher I need an impulse first because buying this structure is not what I like to do.Note
Because I didn't see what I was looking for I let Gold go for now. However we might see a correction soon and I'll be looking for the bearish break, consolidation and sell the continuation.updates will follow.
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We saw the break looking for this expanded flat correction (where wave B is allowed to overshoot the origin of wave A) to reach at least 1170.
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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.