Fierrax

Fierrax

Yesterday commentary remains. It might be a good risk to reward selling point, any break up above the white monthly resistance line is your SL. This is not trading advice and is just my opinion on the market.

Fierrax

Gold on Friday invalidated my previous wave count pattern but short term bearish trend is still intact. Gold is will correcting below the white colour monthly resistant line. Based on the current wave development, it seems like gold is forming a triangle wave pattern B. My previous analysis that gold is on wave C is too early. I have made a sell at current price....

Fierrax

Yesterday in my commentary, I told that I have took the profit. It seems that the market now wants a leading diagonal and possible retracing toward 61.8%. Then I will make another sell entry again. If it retrace more than 90%, then it invalidated my count. This is not trading advice and is just my opinion on the market.

Fierrax

Nothing much to say, everything as per analyzed. Hope you have made some penny here. Please note that later will have a few major news which might be impactful or might not. I have took some profit as of now. This is not trading advice and is just my opinion on the market.

Fierrax

As per my previous commentary, gold did correct towards 61.8 level and that level hold so far. Please always bear in mind that wave 2 can retrace up to 82.6%. If this level holds, gold is moving towards it's minuscule wave 3. This is not trading advice and is just my opinion on the market.

Fierrax

XAU had attempted to break above the weekly resistant but it has been failed for 3 times. I would believe that all of this price action is telling that it might be false breakout. If you look at the daily chart, gold could not close above 1800 area. As I always mentioned, corrective wave can be very long and complex and might happen double corrective waves or...

Fierrax

As my commentary yesterday, submicro wave 2 is confirmed and we are now heading to minuscule wave 3 (min level is 1.618). However we must always bear in mind that correction wave can always be complex and take a very long duration. Do not feel surprise if gold goes up again sooner or later, unless gold breaks 1776 area to confirm end of wave 2. This is not...

Fierrax

As i spoken earlier, corrective waves are always complicated and complex and it can unfold to triple waves. The market decided to have a longer wave C pre Powell testimony and immediately falls back and close Friday that was almost similar to Thursday closing. This price action tells that bearish is still intact. Strong bearish still insight and is matter of...

Fierrax

Alright, I am glad that I did not disappoint you. Gold perhaps has completed the minuscule corrective wave ABC forming micro wave 2, now we are heading towards micro wave 3. However, please bear in mind, corrective wave can be very complex and long. So I will keep monitor the market and provide to you the latest wave count. This is not trading advice and is just...

Fierrax

So here we are, gold has completed the submicro wave B as i commented yesterday, and is heading towards submicro wave C. Something important here to bear in mind, there are 3 possible level for submicro wave C (61.8%, 100%, 123.6%). From my point of view, it likely wont reach 123.6% as that level has exceeded the retracement level for micro wave 2. On top of that,...

Fierrax

As per my commentary yesterday, i comment that gold seems to have completed submicro wave 1 and should be moving up to 50% or 61.8% to form submicro wave 2. So here we are at submicro wave 2. However, due to wave 2 was formed in a five waves pattern, we might not see submicro wave 3 immediately but we will face a expanded submicro wave 2. At the moment i am...

Fierrax

Gold seems to have completed the micro degree of wave 2 and ended the corrective wave. The continuation of short to medium term bearish trend of gold is backed on track with the confirmation of minuscule degree of wave 1. Minuscule degree has perhaps completed today and we might see a corrective wave of minuscule degree wave 2 probably today or tomorrow. Please...

Fierrax

The setup still the same, but we can see a 3 wave correction of wave 2. If it doesn't break the 1786.79, it can continue the correction to form a Double Three correction. For education purposes only.

Fierrax

The bear that happened on 20th and the bull that form on 21st is showing a bigger form of wave 1 and wave 2. Now we can see that, it might be an expanded wave 3 where Fierrax believe wave 2 just ended. But in order to confirm the wave count, it has to break 1790 - 1784 price level. As Fierrax has commented on the previous post, the maximum wave B correction is...

Fierrax

So yesterday has confirmed that wave 2 had ended and now forming wave 3. It will be safer to continue or add sell position at break of 1786 area as correction can be more than 1 times (double three or triple three). The reason why break of 1786 is a better price to add selling position as the maximum for wave B is 123.6% of wave A. By breaking 123.6% level, it...

Fierrax

As per forecasted, it falls and form the end of wave 1 and immediately it went up and completed wave 2. However, wave 2 can go up to 1830 area and Fierrax believes that is the max it can goes. Then it will continue the bear. For education purposes only.

Fierrax

Believes that wave 4 of wave C has completed. If it goes above 1844 area, then the wave count invalidated. For education purposes only.

Fierrax

Seems like gold has reached wave 4 correction. There is possibilities that it will falls to wave 5 tonight or tomorrow. For education purposes only.