XAUUSD, W, Elliot Wave Idea
I'm taking into account the time it took for impulses and corrections to complete.
The blue line is a representation of a possible trend line which has been drawn parallel to the yellow line to gauge where potential points of contact may be.
Wave 2 was a sharp retrenchment passing 50% of Wave 1 indicating that Wave 4 may take some time to complete.
Taking into consideration that we have made a strong move passed critical resistance point of 1278 I anticipate that it will complete Wave 3.
Upon the completion of Wave 3 I am anticipating Wave 4 to complete a textbook retrenchment of 30% - 50% Perhaps even retesting the 1278 line... If at this point the market is held above this level the analysis will remain valid.
Wave 5 may be a strong impulsive move to past resistance levels of July 7th 2016 (1365.94) This will create a possible double top on the W chart, which then may be an indication that it might shoot straight down to the monthly trendline (indicated by the black line)
I'll be doing micro analysis to support this idea.
Any support or constructive criticism is great appreciated.
If you have any comments please leave them below.
Have a great weekend everyone!
The blue line is a representation of a possible trend line which has been drawn parallel to the yellow line to gauge where potential points of contact may be.
Wave 2 was a sharp retrenchment passing 50% of Wave 1 indicating that Wave 4 may take some time to complete.
Taking into consideration that we have made a strong move passed critical resistance point of 1278 I anticipate that it will complete Wave 3.
Upon the completion of Wave 3 I am anticipating Wave 4 to complete a textbook retrenchment of 30% - 50% Perhaps even retesting the 1278 line... If at this point the market is held above this level the analysis will remain valid.
Wave 5 may be a strong impulsive move to past resistance levels of July 7th 2016 (1365.94) This will create a possible double top on the W chart, which then may be an indication that it might shoot straight down to the monthly trendline (indicated by the black line)
I'll be doing micro analysis to support this idea.
Any support or constructive criticism is great appreciated.
If you have any comments please leave them below.
Have a great weekend everyone!
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