It is starting to be interesting with XAUUSD at the moment - here are two possible paths:
Short position: - Wave 4 is completed (ascending triangle pattern). It should bounce down and break through the support line. - C-leg on a possible Gartley Pattern is completed. - It breaks throug the mid arc (It has tested this one twice). - It should descend all the way down to 830$. - It will hit the target arround Q1, 2021. - The outer arc, Gartley pattern and The global trend line confirms this.
Long position: - Wave 5 next and it will bounce up right after, through the resistance line. - It should bounce upwards the next days avoiding the arc. It is very important that it avoids this arc along the upward trend. - It should rise all the way to the 0.5 or 0.618 fibonacci level (or maybe even the 0.786 level) - The Triangle potential confirms the 0.786 fibonacci level. - The inner resistance arc confirms the 0.618 fibonacci level. - It should hit the targets 1485$ and 1580$ in beginning of 2020.
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A critical moment right now! It is about to test the bottom line. A break out will indicate further descending ahead.
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According to rising triangle like this it is most likely to break up, in other words an entry on a long position should be perfect now (With a suitable stop loss of course). But as I mention earlier, if it breaks the bottom line it would indicate a downtrend.
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A close-up of the current situation:
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Short postition right now should work!
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...and it drops!
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Here are the next stops along the descending path. The next arc would be very critial (Marked with a red curve in this case):