XAUUSD 2023 05 18. Let's looking for some long positions.
Updated
It looks like XAUUSD has reached the support area in yellow box, and it is a strong support area as we can see from the past, every time the price level fall to the area, it bounce back.
The last price level 1974.98 is almost reached Fibonacci ratio for wave C of Y at 1.0 (1973.42). (Yellow framed box).
And as wave 5 of C, it almost reached Fibonacci ratio at 1.0 also which is 1973.42.
(Green framed box)
I think when the price go beyond the trend line, it is the time to take some buy position and start dealing with B wave as we can see in the picture below at daily time frame.
Wave A contain 3 wave, and if it is final, then we can expecting B wave will be stop at fibonacci level from 0.618 to 1.382 as b wave of a Flat pattern. Unless it is not a Flat pattern and more complicated WXY pattern. So, let's wish for the best simple pattern so we all can earn more profits.
That's all guy.
Happy trading and trading happily. Wish the best luck for all, and always profit.
Feel free to share you thought at comment area below.
Thank you.
The last price level 1974.98 is almost reached Fibonacci ratio for wave C of Y at 1.0 (1973.42). (Yellow framed box).
And as wave 5 of C, it almost reached Fibonacci ratio at 1.0 also which is 1973.42.
(Green framed box)
I think when the price go beyond the trend line, it is the time to take some buy position and start dealing with B wave as we can see in the picture below at daily time frame.
Wave A contain 3 wave, and if it is final, then we can expecting B wave will be stop at fibonacci level from 0.618 to 1.382 as b wave of a Flat pattern. Unless it is not a Flat pattern and more complicated WXY pattern. So, let's wish for the best simple pattern so we all can earn more profits.
That's all guy.
Happy trading and trading happily. Wish the best luck for all, and always profit.
Feel free to share you thought at comment area below.
Thank you.
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