21/09/17 Gold (XAUUSD) - Daily Outlook - by RT-Trading
Dear Traders,
As expected in my previous analysis, gold is receiving support in the zones I have identified. Based on my wave count, I assume that wave C is done correcting, which is why I now assume an impulsive bullish wave. This wave was confirmed for me when the area around 50% (which was also my entry), was pushed off. This tells me that inner wave 2 has finished correcting which means we are now in wave 3. The question now is where wave 3 will end. I have marked you gray areas here. I assume that wave 3 will target at least the area around 1772, which corresponds to an extension of 1.618 or, in the best case, the area around 1786, which corresponds to an extension of 2.618. I am very confident that we will see the area around 1772.
As always, I'm looking forward to your feedback!
Raffa from RT-Trading
As expected in my previous analysis, gold is receiving support in the zones I have identified. Based on my wave count, I assume that wave C is done correcting, which is why I now assume an impulsive bullish wave. This wave was confirmed for me when the area around 50% (which was also my entry), was pushed off. This tells me that inner wave 2 has finished correcting which means we are now in wave 3. The question now is where wave 3 will end. I have marked you gray areas here. I assume that wave 3 will target at least the area around 1772, which corresponds to an extension of 1.618 or, in the best case, the area around 1786, which corresponds to an extension of 2.618. I am very confident that we will see the area around 1772.
As always, I'm looking forward to your feedback!
Raffa from RT-Trading
Trade active:
Trade still active. SL didn't hit. Patience is needed.