My long scenario in GoldAt the moment I would be expecting a corrective trend to the downside, later a signal to enter long ... the risk would be place at the point where the trading idea is invalidated.
Regarding the green lines those are areas where supply could be found, therefore those levels could be clasified as preliminar resistances
Be aware that any trading decision must be based on a well defined trading plan and the risk tolerance of each trader.
For furhter details in the bigger picture of GOLD you can see the related idea.
Wavestructure
Silver US Dollar Cycles Eliott Wave Basic Wave Patterns I am not an expert . Simply a student of the theory and i try to practice to understand this better.
My Eliott Wave brothers might see this move as the end of a correction since the trade broke out of the main down trend which may explain why we're seeing a new push to the upside.
What do you think ?
Please comment or share your ideas. Thanks everyone !!