Hello friends
On the gold price chart, we are witnessing the formation of an Elliott wave pattern.
In this pattern, we can clearly count 3 waves.
Wave 1 or A has 5 microwaves, wave 2 or B is an opening triangle, and wave 3 or C also has 5 microwaves.
Between microwaves 3 and 5 of wave 3 or C, we also see a negative divergence, which is a reason for our correct counting.
But what is going to happen after that?
We expect a price correction in the form of a zigzag or anything other than an opening triangle.
This correction will reach the $2,960 range and the next target will be $2,930.
The probability of the price continuing to rise after this correction is very high.
You can enter a sell trade by breaking the price range of 3022 with a stop loss of 3046.
Be successful and profitable.
On the gold price chart, we are witnessing the formation of an Elliott wave pattern.
In this pattern, we can clearly count 3 waves.
Wave 1 or A has 5 microwaves, wave 2 or B is an opening triangle, and wave 3 or C also has 5 microwaves.
Between microwaves 3 and 5 of wave 3 or C, we also see a negative divergence, which is a reason for our correct counting.
But what is going to happen after that?
We expect a price correction in the form of a zigzag or anything other than an opening triangle.
This correction will reach the $2,960 range and the next target will be $2,930.
The probability of the price continuing to rise after this correction is very high.
You can enter a sell trade by breaking the price range of 3022 with a stop loss of 3046.
Be successful and profitable.
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.
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.