Hello traders , Looking to XAUUSD chart I am expecting retracement of the (3) wave . We should watch for buy setups near previous lows as there is still space for more drop.Also a Bullish Shark Pattern will be formed.So 1099.60 and 1073.70 will be the next levels to watch if gold continue to drop.Don't try to catch the start of the retracement before confirmation.I will update the chart with lower timeframe as we could have some sell setups. Take care
great job again Chris......agree always best to wait for confirm...do you wait for 1 hr or 4 hr candle as well as of course other visuals for a rebound.??thx mate
ChrisMark
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@emilio1, Hi Emilio , a big impulsive wave could help :D
gha381a
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i have planned to sell around 1154 as it will visit 1154 for short term basis before starting its main bearish trend as per your daily chart setup. i like it.
Elliot_Wave_Reloaded
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@gha381a, Invalidation level is 1150 exactly ,,will not touch 1154 ,,Catch the sell 1145 to 1150 area or Catch the sell after Break
allanrcferreira
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Congrats! Find a similar setup, but using XA from 1046(December low) to 1375 (pos Brexit high), AB from 1375 to 1241, BC from 1241 to 1337 (Trump election). 88.6% are at 1085 and 78.6% was achieved at 1122.
Dunno about the animal names for data patterns mate , but im also looking for possible gold long, id wait for a bull flag and trade the break of structure... maybe we could wait for a lobster pattern ?