Possible Long Idea about
XAUUSD
.
Double correction have been completed on November 29th. (Double Zigzag).
Wave 1 is a leading diagonal. A leading diagonal always include a deep retracement. Which might has been completed at 61,8% of Wave A of Wave 2 (1790$).
From that point, I believe we are going back above 2000$ but I also believe that if it breaks the low of November 29th (1764$), the bear market is not over yet.
Wave 1 took 37 days. I am expecting wave 3 (or C) to be shorter in time than Wave 1 (or A) because leading diagonal are, in my opinion, choppier. So this trade could take around 1 month.
*This is not any trading advice but only my own opinion about the market*
XAUUSD
. Double correction have been completed on November 29th. (Double Zigzag).
Wave 1 is a leading diagonal. A leading diagonal always include a deep retracement. Which might has been completed at 61,8% of Wave A of Wave 2 (1790$).
From that point, I believe we are going back above 2000$ but I also believe that if it breaks the low of November 29th (1764$), the bear market is not over yet.
Wave 1 took 37 days. I am expecting wave 3 (or C) to be shorter in time than Wave 1 (or A) because leading diagonal are, in my opinion, choppier. So this trade could take around 1 month.
*This is not any trading advice but only my own opinion about the market*
Comment:
On this analysis you can see a FLAT and a TRIANGLE. They are the same family so to be a 5 wave movement a FLAT and a TRIANGLE cannot appear in the same sequence and a TRIANGLE cannot be a Wave 2, so it has to be a Wave X.
Wave X with a triangle always appear has the last Wave X of the combination, so basically it cannot be a triple correction.
The only option left is a DOUBLE CORRECTION.
I will update this idea again later.
On this analysis you can see a FLAT and a TRIANGLE. They are the same family so to be a 5 wave movement a FLAT and a TRIANGLE cannot appear in the same sequence and a TRIANGLE cannot be a Wave 2, so it has to be a Wave X.
Wave X with a triangle always appear has the last Wave X of the combination, so basically it cannot be a triple correction.
The only option left is a DOUBLE CORRECTION.
I will update this idea again later.
Expanding diagonal as Wave C of an ABC correction that would complete an Wave 2.
Next wave could be great.