Elliot Wave Ending Diagonal in Weekly chart (Must Read)
Hey my beloved traders.
We have been in a good bull run in this precious metal but we are seeing rejection from 2195 level because in weekly chart GOLD is making an ending diagonal.
In Ending diagonal all the 5 waves are consisted of 3 moves which I mentioned as "ABC"
You can clearly see all the waves 1/2/3/4 had moved with 3 moves and now price is making the 5th wave which will also be a 3 moves.
A of 5th wave is done and now price is making the B. After completing the B price will start to make ''C'' which will make a new all time high, probably 2225-50.
So what should we do now?
1. We can wait to complete the B and then buy this metal for all time high. Our buying zone would be 2070-2090
2. We can sell gold now for shorter time and our target will be the support zone that I mentioned above.
As we should be with the trend so I will suggest you to wait for the price to come in to our support zone then we can buy it and make a good profit.
Why we are not selling gold as we have analysed that price has a chance to fall at our desire support level?
- Because we don't know how long that ''B'' will take to complete so better join in an impulse move.
We will definitely sell Gold once it completes the ENDING DIAGONAL and after that we will buy GOLD and our target would be 2500+
Enjoy !!!!
Any question please do ask.
We have been in a good bull run in this precious metal but we are seeing rejection from 2195 level because in weekly chart GOLD is making an ending diagonal.
In Ending diagonal all the 5 waves are consisted of 3 moves which I mentioned as "ABC"
You can clearly see all the waves 1/2/3/4 had moved with 3 moves and now price is making the 5th wave which will also be a 3 moves.
A of 5th wave is done and now price is making the B. After completing the B price will start to make ''C'' which will make a new all time high, probably 2225-50.
So what should we do now?
1. We can wait to complete the B and then buy this metal for all time high. Our buying zone would be 2070-2090
2. We can sell gold now for shorter time and our target will be the support zone that I mentioned above.
As we should be with the trend so I will suggest you to wait for the price to come in to our support zone then we can buy it and make a good profit.
Why we are not selling gold as we have analysed that price has a chance to fall at our desire support level?
- Because we don't know how long that ''B'' will take to complete so better join in an impulse move.
We will definitely sell Gold once it completes the ENDING DIAGONAL and after that we will buy GOLD and our target would be 2500+
Enjoy !!!!
Any question please do ask.
