Hello everyone,
XAUUSD stayed below the 1760 (1755) and fell back into the marked zone (1690-1670) as mentioned in the previous idea linked below. We were expecting a correctional sequence which seems to be playing out currently between the 1760-1670 level.
Moving forward, the price should remain between these levels and meander back down closer to 1700 before moving back up to complete the last wave of the correctional sequence and break out to the upside. It is important to note that this scenario will be in doubt should price fall below the recent low (1678).
Should that occur, there is a possibility for price to drop deeper to the next level of support at 1640. This could indicate a longer term bearish outlook. Will assess if we get there.
Who's Elliott?
The primary wave count is still the same. The potential triangular correction as outlined in the chart would mean the longer term correction is nearing completion.
Once again, staying aware of some of the possibilities. Let’s see how it plays out throughout next week.
Follow for further updates. Your 'likes' are much appreciated and your comments are most welcomed.
Thank you for taking the time. Trade Safe!
BeyondEdge
Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own research and analysis before making any investment decisions. Do not trade or speculate based on the information provided in this idea.
Trust your own analysis.
BeyondEdge
XAUUSD stayed below the 1760 (1755) and fell back into the marked zone (1690-1670) as mentioned in the previous idea linked below. We were expecting a correctional sequence which seems to be playing out currently between the 1760-1670 level.
Moving forward, the price should remain between these levels and meander back down closer to 1700 before moving back up to complete the last wave of the correctional sequence and break out to the upside. It is important to note that this scenario will be in doubt should price fall below the recent low (1678).
Should that occur, there is a possibility for price to drop deeper to the next level of support at 1640. This could indicate a longer term bearish outlook. Will assess if we get there.
Who's Elliott?
The primary wave count is still the same. The potential triangular correction as outlined in the chart would mean the longer term correction is nearing completion.
Once again, staying aware of some of the possibilities. Let’s see how it plays out throughout next week.
Follow for further updates. Your 'likes' are much appreciated and your comments are most welcomed.
Thank you for taking the time. Trade Safe!
BeyondEdge
Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own research and analysis before making any investment decisions. Do not trade or speculate based on the information provided in this idea.
Trust your own analysis.
BeyondEdge
🔰 Not financial advice. For educational purposes only.
🔰 Join the free Telegram channel for more crypto - t.me/BeyondEdge
🔰Follow me on twitter www.twitter.com/beyondedge_
Your likes and follows are much appreciated.
BeyondEdge
🔰 Join the free Telegram channel for more crypto - t.me/BeyondEdge
🔰Follow me on twitter www.twitter.com/beyondedge_
Your likes and follows are much appreciated.
BeyondEdge
