21/09/30 - Gold (XAUUSD) Hit Ultimate Bottom - by RT_Trading_
Hi Trader,
I'm happy to provide you with my new idea on XAUUSD (Gold). As you have read in our Telegram Group last XAUUSD analysis perfectly hit our target of 1725.5 - it even went further by 4 more points hitting the maximum of 1721.71.
While price was falling step by step, price action became clearer and clearer with every day.
What I spotted is this diagonal that has built up itself. When it hit our target of 1725 it finalized its building up progress. Diagonals are very common in the markets and a powerful tool, especially when it comes to the applying of Elliot Waves. Those diagonal can occur in normal market conditions when waves do built up - such as Wave 1 for example - or when it comes to the last Wave, Wave 5 or in this case Wave C. Those diagonal are called "Ending Diagonals" because they initiate a trend reversal.
So what's next?
Since we can see that such a Diagonal occurred in the Wave C progress and the fact, that Wave C is the exact projection of 1.618 of Wave a, this means that we have multiple confirmations for a trend reversal. Therefore, we do close happily our short positions and defiantly start longing Gold on its way up. I'm very confident that our trades will play out well, since we have already seen a lot of reaction at the bottom of 1721.71.
Our take profit target will be 1878.27 which would be equal to a 155 $ for XAUUSD.
What do you guys think?
This is no financial advice.
RL from RT_Trading_
I'm happy to provide you with my new idea on XAUUSD (Gold). As you have read in our Telegram Group last XAUUSD analysis perfectly hit our target of 1725.5 - it even went further by 4 more points hitting the maximum of 1721.71.
While price was falling step by step, price action became clearer and clearer with every day.
What I spotted is this diagonal that has built up itself. When it hit our target of 1725 it finalized its building up progress. Diagonals are very common in the markets and a powerful tool, especially when it comes to the applying of Elliot Waves. Those diagonal can occur in normal market conditions when waves do built up - such as Wave 1 for example - or when it comes to the last Wave, Wave 5 or in this case Wave C. Those diagonal are called "Ending Diagonals" because they initiate a trend reversal.
So what's next?
Since we can see that such a Diagonal occurred in the Wave C progress and the fact, that Wave C is the exact projection of 1.618 of Wave a, this means that we have multiple confirmations for a trend reversal. Therefore, we do close happily our short positions and defiantly start longing Gold on its way up. I'm very confident that our trades will play out well, since we have already seen a lot of reaction at the bottom of 1721.71.
Our take profit target will be 1878.27 which would be equal to a 155 $ for XAUUSD.
What do you guys think?
This is no financial advice.
RL from RT_Trading_
Comment:
To be honest, I didn't expect such a massive move after the release of the analysis. But! We ain't complaining, aren't we? ;)