Based on NEOWAVE analysis, GOLD is now doing a correction after a non-standard small x-wave correction in DAY TF.
It surpassed the 38.2% retracement and it seems to be able to go up to the 61.8% retracement.
In my opinion, it is still ambiguous whether which point the label ((C)) could be placed.
Nevertheless, let's discuss each of the possibilities.
My first overview is inspired from Smith Udommana.
With the time constraint, the correction pattern ABC is now nearly complete.
That is one could aim for the short position.
The second idea is as follows:
If this pattern is confirmed, one could bet for the long position.
Observe that both first and second patterns agree at 1800.
For betting each position, one could bet after GOLD leaving the channel 1794-1804.
I wish all of you a good luck trading in a day with US Unemployment Rate/Non Farm Payrolls announcements.
NOT A FINANCIAL ADVICE
It surpassed the 38.2% retracement and it seems to be able to go up to the 61.8% retracement.
In my opinion, it is still ambiguous whether which point the label ((C)) could be placed.
Nevertheless, let's discuss each of the possibilities.
My first overview is inspired from Smith Udommana.
That is one could aim for the short position.
The second idea is as follows:
Observe that both first and second patterns agree at 1800.
I wish all of you a good luck trading in a day with US Unemployment Rate/Non Farm Payrolls announcements.
NOT A FINANCIAL ADVICE