21/09/22 - Gold (XAUUSD) First Short then 1798 - by RT_Trading_
Hi Traders,
I'm happy to provide you a new trading idea according to Gold (XAUUSD). First of all I want you to inform about the upcoming FOMC event that is going to have major impacts on the Stock and Commodity Markets. Therefore I suggest you to avoid the risk of being on the wrong side of the Market and stay out until the release of the FOMC minutes.
Nonetheless, here is my latest idea about Gold:
Gold is currently moving in a ABC Elliot-Wave formation which occurs in corrective patterns. Those corrective patterns can happen in Wave 2, 4 or ABC itself after 5 Impulsive waves. I assume, that we are currently in Wave 1 of larger Wave 3. This is why I expect a deeper correction. Not always, but often it is the case that wave 2 retraces at least 50% of the previous move. I measured the extension of possible Wave C impact using Fibonacci-Extensions. This gives me relevant impacts at C = A and C = 1.618 of A. Those areas are highlighted in grey. I'm confident that we will see a big reaction on those areas - This is why I'm have multiple buying orders at those areas calling for #1798 next.
Day Traders can use those targets and open shorts in-between. Anyways, I suggest to be safe, stay calm, place those buy orders and wait how the Market responds to FOMC.
Let me know what you think!
This is no Financial Advise.
RL from RT_Trading_
I'm happy to provide you a new trading idea according to Gold (XAUUSD). First of all I want you to inform about the upcoming FOMC event that is going to have major impacts on the Stock and Commodity Markets. Therefore I suggest you to avoid the risk of being on the wrong side of the Market and stay out until the release of the FOMC minutes.
Nonetheless, here is my latest idea about Gold:
Gold is currently moving in a ABC Elliot-Wave formation which occurs in corrective patterns. Those corrective patterns can happen in Wave 2, 4 or ABC itself after 5 Impulsive waves. I assume, that we are currently in Wave 1 of larger Wave 3. This is why I expect a deeper correction. Not always, but often it is the case that wave 2 retraces at least 50% of the previous move. I measured the extension of possible Wave C impact using Fibonacci-Extensions. This gives me relevant impacts at C = A and C = 1.618 of A. Those areas are highlighted in grey. I'm confident that we will see a big reaction on those areas - This is why I'm have multiple buying orders at those areas calling for #1798 next.
Day Traders can use those targets and open shorts in-between. Anyways, I suggest to be safe, stay calm, place those buy orders and wait how the Market responds to FOMC.
Let me know what you think!
This is no Financial Advise.
RL from RT_Trading_
Comment:
happy so far?
Comment:
For those who bought based on this Idea: I would consider taking profit asap, since the PA has changed to a Diagonal. I will upload this Idea ASAP.