Upon analysing the chart. I believe that this pair has potential to hit a lower area, to around the 1818 price. Looking at the bigger time frame and seeing it's direction, it gives us a better analysis in the lower time frames to predict what will happen next.
Planning to buy if market breaks previous high. using the Elliot wave strategy, with market structure, fib, support & resistance, moving average, trendiness, top down analysis to confirm my trade, so quite confident
Using the Elliot wave strategy, top down analysis, market structure, support and resistance and a few indicators, I can see that market is heading in a downward position for the coming week. Now we do not know what will happen over the weekend that could effect the markets direction. but for a framework and idea, we should look for a short in this time Frame.
Using Elliot wave, looking at the patterns the chart is forming, and the direction of the trend, I can see it's a bullish trend. However, It's at a zone of retesting, so I wanted to see based on my top down analysis, whether I could Catch a few pips in the 15min time frame, possibly in the 1hr time frame also. But I am aware the main direction is bullish.
Upon analysing every degree, something was common. And it was that the next wave is upwards. The fashion or the type of wave it is going to create is not that important to me just yet, as I am aware that it is forming an impulse wave overall in the 1 Hr time frame. I believe in the 1 hr, it is completing its second wave and entering into a strong third wave, and...
Upon Analysing the Waves and the structure that the market is making within all time frames, I can see that Gold still has great potential of staying in the uptrend. Fib, wave analysis and structure are all saying the same thing. Its a decent buy for now. May go into a little Retracement but, the move is still an upside.
Currently completing a retest, but I believe there's Momentum to push towards the upside in the 1.618 region on the fib, my first TP will be at the 0.618 point, there may be a possible retest at the 0.618, but could possibly execute to the Golden rule.