Double Top Reversal on XAUUSD
Support/Resistance Lines: Red (Daily), Yellow (4hr), Green (1hr).
XAUUSD has been in an uptrend from as far back as the end of 2016. It has reversed on the 25th January 2018 at 1366, went down to a 4-hourly support at 1308 (forming the 1st peak), has gone back up to form the 2nd peak and declined to the 4-hourly support at 1308 forming a Double Top.
Using the Trend-based Fib Extension (in blue), I estimate that the market would continue to sell down to 1295 at the 1.618 extension which is at a Daily Support to complete the 3rd Elliot wave.
A fractal elliot wave can also be seen in purple. Using the Trend-based Fib Extension again, the market would continue to go down to complete the 3rd wave, retrace to form the 4th wave and descent again to the Daily support to complete the elliot wave and complete the 3rd wave in blue.
Furthermore, I expect the market to continue downwards for the same height as the peaks to their bases as shown by the arrow, thus reaching the 4-hourly support at 1252.
XAUUSD has been in an uptrend from as far back as the end of 2016. It has reversed on the 25th January 2018 at 1366, went down to a 4-hourly support at 1308 (forming the 1st peak), has gone back up to form the 2nd peak and declined to the 4-hourly support at 1308 forming a Double Top.
Using the Trend-based Fib Extension (in blue), I estimate that the market would continue to sell down to 1295 at the 1.618 extension which is at a Daily Support to complete the 3rd Elliot wave.
A fractal elliot wave can also be seen in purple. Using the Trend-based Fib Extension again, the market would continue to go down to complete the 3rd wave, retrace to form the 4th wave and descent again to the Daily support to complete the elliot wave and complete the 3rd wave in blue.
Furthermore, I expect the market to continue downwards for the same height as the peaks to their bases as shown by the arrow, thus reaching the 4-hourly support at 1252.
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