Hello Traders!
Gold is in what seems may be a consolidation between the 2 parallel yellow trendlines . it is not complete so these were randomly drawn as to show what I believe price is doing. if I am right, there may be a trade to short Gold at likely a .618 of the 'A' leg in the parallel channels as i believe this small bull move is wave 'B', if short, we may catch wave 'C'. I want to make it clear, my chart setup is not a signal! I do not provide signals either! It is only an overall outlook of what may happen this week, I may short but my entries are always on 4hr or lower and usually better R/R than the 3/1 seen here.
The correction may form a Gartley pattern just like it may not, either way it is not a Gartley I will be trading but the correction itself. if price passes a .618 of the bullish impulse/XA leg of the Gartley , I will look to buy this pair with some fairly heavy contracts to catch the big Bullish Impulse to come on the weekly chart.
Hope this helped, show some love :)
Below is an image of the Weekly and another of the Monthly
Gold is in what seems may be a consolidation between the 2 parallel yellow trendlines . it is not complete so these were randomly drawn as to show what I believe price is doing. if I am right, there may be a trade to short Gold at likely a .618 of the 'A' leg in the parallel channels as i believe this small bull move is wave 'B', if short, we may catch wave 'C'. I want to make it clear, my chart setup is not a signal! I do not provide signals either! It is only an overall outlook of what may happen this week, I may short but my entries are always on 4hr or lower and usually better R/R than the 3/1 seen here.
The correction may form a Gartley pattern just like it may not, either way it is not a Gartley I will be trading but the correction itself. if price passes a .618 of the bullish impulse/XA leg of the Gartley , I will look to buy this pair with some fairly heavy contracts to catch the big Bullish Impulse to come on the weekly chart.
Hope this helped, show some love :)
Below is an image of the Weekly and another of the Monthly
David K Giraldo
