Sony97

Sony97

This view of gold actually somehow confirms that I should be on the good side of the market, outside of the original analysis, we could see a false breakout from which the price consolidated around the zone marked by me, which may show us a head-and-shoulders formation, which may be followed by a correction against this formation

Sony97

The update of my analysis on this market is explained by specifying the level in which some interesting formations can be created, the most interesting place for me, if my scenario were to be fulfilled, the point is marked where the next continuation will be decided

Sony97

I am proceeding further in short's understanding of the market, I just wanted to specify the levels where the most accurate turn could be achieved, this analysis is based on the previous one

Sony97

It's nothing new, I'm continuing in the short position, this analysis file only clarifies my understanding of the position from the lower timeframe, the important point for me will be at the marked point

Sony97

I will first focus on the marked circle where the overall turning point can take place, if the price does not reach the support, it is quite possible to move from the marked triangle in the direction of the long, because based on Elliott's wave theory, there is a long formation, if the price breaks below this zone, it is quite possible to weaken prices and...

Sony97

The running double top that stretches all the way in the channel is interesting, especially around the marked support where a correction structure was formed against the second peak, the value of the fibo level is 0.5, the situation around the marked circle will be decisive for me and if the price breaks through the lower wall of the channel, I will enter a short position

Sony97

Interesting formation, maybe it's a double top, I'll wait for the breakthrough of the trend line and then try a short position

Sony97

From the higher timeframe we see a double peak where the last second peak is made up of two parts which are another double peak at the end, which is a strong short signal for me

Sony97

Quickly draw a situation where the price was unable to break through the support and I can consider the correction to be over or I can wait for some more pullback but then I will lean towards a short position

Sony97

In general, from the higher time frame, the correction is complete, the market has formed a double peak, where the second peak is formed by a double peak at the end of the formation in a downward trend, therefore, I lean towards the short position

Sony97

Here I see possible preparations for short positions, the analysis solves possible scenarios for the completion of the correction, the first scenario is that the price will reach the upper trendline, the second from the correction will eventually be formed as a head-shoulder formation

Sony97

The graph is just for fun, I lightly drew a possible scenario, but we will see how this situation turns out in the end, the price is currently hovering around the price level of 153.340, which corresponds to a little 0.618 from the last wave before the correction, if the price fails to hold, the correction may be considered sufficient and we can concentrate for shorts !

Sony97

Maybe a short situation on gold, my analysis starts with a double top that formed around the price of 2770, according to this scenario, this double top could be considered the head of the head-shoulder formation, and as I have drawn, I am waiting for the price to fall to the level of 2560

Sony97

At the beginning of the whole movement there was a double peak from which the price fell sharply down to the level of 0.7688 where the price stopped on the trend line where at the same time there is support, I assume according to the last formation that a correction wave could start from this level which could end somewhere around the price of 1.10388 which is 0.618 fibo

Sony97

Update of the gbpusd chart according to my plotted signal, a price movement to the level of 1.3640 is likely, if this happens the price reaches fibo 0.786 and a bearish scenario like the one on the chart is possible

Sony97

This is actually a continuation of the scenario before that on the chart you can see my speculation on filling the space around the price of 0.64802 where there is strong support, if the price does not break through then there will be room for a bullish scenario.

Sony97

According to the technical analysis that I presented here, at the moment there is an important support for us, which is located at the price level of 1.3060, if the bulls manage to significantly break through this level, then we can see a movement somewhere around the price level of 1.3260, which is located with levels of 0.5-0.618 fibo.

Sony97

The situation from my point of view looks like this