Still the same mapping of XAUUSD with a twist. I am only considering the possibility of WXYXZ counting if the price break 0% Fibonacci Retracement somewhere along the upcoming weeks. The plan is still to short somewhere in 23.6-38.2% Fibonacci Retracement.
Which counting do you think is more favorable? Tell me in the comments section.
Based on this latest wave count, I assumed that the first wave down (Wave 1) is finished. We could see that the chart is supposed to finish ABC movement up in Wave 2 before making another impulsive move down (Wave 3). With the help of Fibonacci Retracement, I predict that Wave 2 shall finish in 23.6-38.2 area. I should place my Pending Order there later.
What do...
Eventhough the first wave is not complete yet, I am inclined to mark this latest downward movement as an impulsive move.
The forecast price and time will not be as accurate but this is my idea about XAUUSD. This will be the guide to my XAUUSD trading and I will be looking for the subwaves in M30 on my phone to trade later.
What do you think?
Based on the triangle breakout, we can see that the thrust going down were impulsive 123 then the price started to do some corrective moves up in wave 4. I've marked the chart with WXY and it really seemed that the price should start to go down to finish the 5th wave down. If the price doesn't go down as it should (impulse down), maybe it's a WXYXZ moves. It...
I'm thinking of waiting a little bit more. The plan is to swing sell somewhere near the W1 zone. SL above Invalidation Level.
Still new to trading. Feel free to comment.
