XAUUSD - downtrend expectingThere is an important supporting zone about 1917 in Daily timeframe.
I guess that wave-Y is not completed yet.
If the price be supported by 1895-1898 zone, a tripple bottom pattern may form on the condition that the price closes upper than 1917 in dialy.
So if it closes less than 1917 in daily timeframe, then I'm expecting downtrend toward 1895-1898 zone at least.
If the price can breakout supporting zone about 1895 and have a weekly close less than that, then I expect 1861 or 1800
This analysis will fail if the 4H-resistance trend break and the price increases to 1944.
P.S: I'm not a native English speaker but tradingview is forcing me to write the caption in English. 😅
(I am talking Persian in the video obviously) 😂😂
1895
Gold hits 1895 by Mid-AugustHey Guys,
according to my Elliot-Wave Count Gold is in a bullish Cycle. I'm confident that Wave 2's correction is over since every possible Parameter in Time and Length of each wave fits perfectly with my Bias. Therefore I doubt we will see the 179x Zone again or any more deeper downside. I engaged my Long at 1793. If we are in inner wave 1 now we should see a lot of buying pressure within the next sessions.
Let me know what you think!
Raffa