XAUUSD Wave Count UpdatePrice broke lower than the low of 3rd May and suggesting 5 waves down move from peak of $2070 is taking place. Price might extend much lower before a bigger pullback to happen. For now, price suggested 5 waves down from peak of $1909 is completed and 3 waves bounce is expected to happen and 4hr movement will decide if price will break lower again or making a bigger pullback.
Waveanalyis
XAUUSD WXY Correction UpdatePrice went to make a short term high above $1903 in 3 waves and a quick sell off in 5 waves happened from there. A possible flat correction structure which now bouncing off 50% fib from the low of $1850. Anticipating price to climb in another 3 swings to complete this WXY Corrective Wave.
XAUUSD WXY CorrectionAn update for this WXY Corrective Wave from peak of $1998, looks like price made lower low than wave ((A)) after a climb in 3 waves. Only plausible structure here is a Flat Correction since wave (A)(red) did not reach 38.% fib retracement of the decline from $1988 peak. Expanded Flat Correction most common area to end for wave (C) is 50% of the previous move which comes around $1926.
XAUUSD WXY Correction5 waves decline from peak of $1998 suggested to end at the low of $1881 to make as wave (A) of (Y). We will see a 3 waves pullback at least. It could be in any correction form of Flat correction, simple zigzag ABC and Triangle to make wave (B) of (Y) before further decline towards minimum $1818.
AUDUSD H2 Time Frame Analysis Hi traders ! Here's an analysis on AUDUSD and what my possible trade on this pair would be. This pair has over the time, experienced growth and right now, the market has shows some level of bullish exhaustion and we're at this point expecting the bears to step in this market and cause some discount. Another confluence reason for this possible move is the current strength of the USD after yesterday's FOMC where the Feds said they'd reduce their balance sheet by $95B a month, that looked like a high number but investors were strong in it because the feds were taking most of it ($65B) from treasuries, which doesn't exactly affect their stocks.
So this is how I'm watching this pair, and upon possible confirmation, I'd go short. But as always, the DISCLAIMER: Our analysis are not a recommendation to Buy or Sell. It is strictly for educational purposes only.
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XAUUSD ABC CorrectionPrice looks to be making a Running Flat Correction where wave A of (B) ended at the low of $1919, wave B of (B) ended at the peak of $1949 and wave C of (B) at the low of $1922. Expecting another leg higher to complete wave (C) of ((B)) before moving lower towards $1790 at least.