Possible Final Push UP Before Major SELL (ELLIOT WAVES)
We seem to be ending our triangle structure for Wave 2. We are currently in its E Leg. This E leg has unfolded as a Zigzag structure with its First Leg having 5 waves and its Second Leg having 3 waves. Therefore we are currently in its 3rd leg which has also been unfolding in a 5 wave structure. Within that 5 wave structure for its 3rd Leg we are actually in its 5th and final wave. This 5th wave seems to unfolding as a Diagonal. Therefore I believe we may still see some push up to complete the 5th Wave of the E Leg of the Triangle within Wave 2 before we see any bearish movements. Another thing to take note is that the Retail Sentiment for XAUUSD is heavily on the bearish side. Therefore i believe the big banks and financial institutions may go for stop loss hunting before any major reversal to the downside. So beware if you are on the sell side too.
However price is very near reversal point for bearish movement so beware and do not over risk. Good Luck
However price is very near reversal point for bearish movement so beware and do not over risk. Good Luck
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