XAUUSD (Gold) - Long 1250 Points - Elliott Wave Video
After the short set-up I shared (see related ideas), XAUUSD hit the Fibs, and now attempting to run higher.
Going bullish on Gold until 2040 or 2050, to see the reaction there, and then the outcome for the actual pattern.
As explained in the video, I am suspecting a larger degree corrective structure in the making, a triangle or a running flat.
Trigger points should be either 1915 or 1895 areas.
Temporary invalidation would be at 1862, but it does not seem like it at this point.
Gold should feel the need to go higher again, and the question is: which FR will it choose, the 38.2% or the 61.8%?
Many pips ahead!
Going bullish on Gold until 2040 or 2050, to see the reaction there, and then the outcome for the actual pattern.
As explained in the video, I am suspecting a larger degree corrective structure in the making, a triangle or a running flat.
Trigger points should be either 1915 or 1895 areas.
Temporary invalidation would be at 1862, but it does not seem like it at this point.
Gold should feel the need to go higher again, and the question is: which FR will it choose, the 38.2% or the 61.8%?
Many pips ahead!
Trade active:
1910 triggered with the 50% FR.
Invalidation at 1861.
Comment:
In the green, SL at BE now.
Comment:
Suspecting an ending diagonal on XAUUSD, let's see if the lower trend-line will hold.
Comment:
Obviously XAUUSD (Gold) wants a retest of 1900 area, and it's a question-mark if it's gonna hold or not.
I took half profit near the tops, and the other half got eaten, trader's life.
Many are bearish at these times, however, there are a lot of things happening, such as the VIX spike pending and Indices reversing back to Covid area very soon.
Interesting times indeed.
Still looking for some kind of support to be granted at or around the 1900 levels, to confirm some kind of corrective sequence.
The structure for XAU could either be a triangle, or an ending diagonal.
If we are indeed in a bigger reversal, then 1861 should not be seen.
At this stage, I am tracking and waiting for more clearance.
Many are bearish at these times, however, there are a lot of things happening, such as the VIX spike pending and Indices reversing back to Covid area very soon.
Interesting times indeed.
Still looking for some kind of support to be granted at or around the 1900 levels, to confirm some kind of corrective sequence.
The structure for XAU could either be a triangle, or an ending diagonal.
If we are indeed in a bigger reversal, then 1861 should not be seen.
At this stage, I am tracking and waiting for more clearance.
Comment:
Ending Diagonal in Minor C (red) should pave the way for an up-swing.
Comment:
XAUUSD Long!
Trade active:
Take 2
Comment:
XAUUSD still has a decision to make, and this should take place asap. The structure still allows a rally in Minor C (blue), so I am keen on that.
Comment:
Ending diagonal possibly forming on XAUUSD, it might be providing more clues on how the next week's development would look like.
Comment:
Chances are that XAUUSD might just break-out.
Possible bull-flag in the making.
If a new low will be created however, the diagonal would just extend a bit more.
Possible bull-flag in the making.
Comment:
XAU can go up from here, even if it's corrective.
XAUUSD Daily:
XAUUSD 2H: