GOLD (XAUUSD) | The best target for correction🎯
Hello traders, Gold in 4-hour timeframe, this analysis was prepared in 4-hour timeframe but has been published for a better view in 8-hour timeframe.
First of all, I must say that the counting was done in 8 hours, but we counted the smallest waves.
The basis of our count has been uptrend, in that we are inside a leading trend in which the main waves 1 and 2 are formed and wave 3 is at the beginning of its trend.
(It should be said that in the daily time, the downtrend scenario is somewhat fielded, but there is still a possibility of downturn, and if our uptrend scenario is not fully confirmed, caution is needed) ... Wave 3 has formed its first microwave as a leading triangle.
This triangle, which corresponds to wave 1 of wave 3, is not abnormal and disproportionate to our microwaves because wavelet 3 is smaller than wave 1 of wave 3 compared to other waves, but we now prefer it; Until more structure is formed
In the continuation, wave 2 is composed of the main wave 3 without any problems and the trend is provided to wave 3 from wave 3.
Of these, the first wave is at the end of its course and will probably rise again until 1850 to 1856 to complete it.
However, confirmation of the start of correction for wave 2 of wave 3 of wave 3 was the breaking of the trend line downwards, and this failure and this correction took place.
The correction was done at its minimum in terms of time, and this fast and sharp move made us more skeptical between the descending and ascending scenarios in the daily time, but still prioritized the ascending scenario and until the warning sign and floor Do not break the orange channel will be our priority.
I see the current movement of the trend ascending to 1830.
It should be said that a very strong harmonic pattern has been formed in this area, and we need to break the resistance of this pattern, ie 1860, in order to continue the trend.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
First of all, I must say that the counting was done in 8 hours, but we counted the smallest waves.
The basis of our count has been uptrend, in that we are inside a leading trend in which the main waves 1 and 2 are formed and wave 3 is at the beginning of its trend.
(It should be said that in the daily time, the downtrend scenario is somewhat fielded, but there is still a possibility of downturn, and if our uptrend scenario is not fully confirmed, caution is needed) ... Wave 3 has formed its first microwave as a leading triangle.
This triangle, which corresponds to wave 1 of wave 3, is not abnormal and disproportionate to our microwaves because wavelet 3 is smaller than wave 1 of wave 3 compared to other waves, but we now prefer it; Until more structure is formed
In the continuation, wave 2 is composed of the main wave 3 without any problems and the trend is provided to wave 3 from wave 3.
Of these, the first wave is at the end of its course and will probably rise again until 1850 to 1856 to complete it.
However, confirmation of the start of correction for wave 2 of wave 3 of wave 3 was the breaking of the trend line downwards, and this failure and this correction took place.
The correction was done at its minimum in terms of time, and this fast and sharp move made us more skeptical between the descending and ascending scenarios in the daily time, but still prioritized the ascending scenario and until the warning sign and floor Do not break the orange channel will be our priority.
I see the current movement of the trend ascending to 1830.
It should be said that a very strong harmonic pattern has been formed in this area, and we need to break the resistance of this pattern, ie 1860, in order to continue the trend.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️