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Goldwavecount

This Week Bullish CorrectionWith the recent Ending Diagonals on OANDA:XAUUSD as shown in the chart below, Gold is currently starting the Correction of Wave A/1 of downward movement which started in the first week of May. On Various brokers, the price went beyond making new ATH almost a month ago. But in my opinion, that was just SL hunting done by whales to squeeze out the retail short positions before moving the market downward. I personally expected that and managed my trade accordingly for it. So far, this whole month has been in the 5 Wave downward move and still it just finished last week as shown in the chart. This Week , the price of Gold is expected to rise since the downward impulse is over with our Wave 5 as shown. I will personally be keeping a close eye on the Correction of this 12345 Impulse to see rather it will be considered as Wave A Correction or Wave 1 Impulse of bigger downward movement . As shown in my previous analysis of Gold on Weekly Timeframe, there is still a big possibility that we are in the start of a Bear Market on Gold and I am planning my Gold Trades while keeping that scenario in mind.
OANDA:XAUUSDLong
by syedhamza2135
GOLDfrom the chart in the comments can be seen that weekly pattern is completed! now we are ending the last part of it. now in this chart taking in consideration last bigger correction from february till may cant be alone, and this instead of forming h&s formation looks like its deepening the correction and it might looks like this... that big blue rectangle is approximate in time with last bigger one from feb.-may, and inside can fit one of the most common pattern, and it hits exactly on the parallel line. now we r in a makings of part B and its complexity and it might not look like that, thats why it needs to be followed along the way... may be it will come out as h&s and we will see much deeper drops...
OANDA:XAUUSD
by sharing_is_caring
Gold a rally seems likely (Elliott Wave Analysis)In the previous post I discussed how both the main and the alternate counts were referring to the same fact that a rally in Gold was possible. Here I have discussed the same count on hourly time frame and it seems that we are in the 3rd or the 3rd of the 3rd as per this count. I have given the hypothetical wave progression along with the Invalidation mark which is present at 1225, if market goes below that mark I will redo the count and look at the alternate possibilities. As of now new longs can be added on break above 1265. You can view my last posted analysis for clear targets for the 3rd leg.
FX:XAUUSDLong
by NeeravYadav
2