Hi Trader,
After our latest huge success I want to update the current XAUUSD Chart as I start to recognize a clear price action.
The fact that Gold didn't make a new high trapped a lot of Elliot Wave traders since most were expecting another Leg up to complete the inner Cycle of Wave 5 which would then conclude to a bearish ABC correction of the overall cycle.
What happened to Gold is a so called ''failed fifth'' where the fifth wave of a cycle cannot exceed above wave 3. This a uncommon price action and is a clear sign of weakness that shows us that bears are slowly getting into control.
So what's next?[/I]
Since I always look into inner counts of each wave I have found an invalidation point according the bullish scenario, where wave 5 would make a new high before it starts retracing. Therefore I assume that we move currently in Wave a. Wave a is a correctional wave that occurs after a completed Cycle of 5 waves and is also made out of 5 waves. In this case I expect that we are currently building up wave 4 which usually builds up the form of a triangle before wave 5 starts the next impulsive move - in this case downwards. We can expect that wave a lands between 38% - 50% of the major cycle. This is where I will place my buying orders to catch up the move of wave b, that should retrace at least 50% of the movement of wave a. Exactly here is the point, where I will close my orders to look for a good short swing and catch the whole move of wave c.
That said: I wish ya'll the best and a profitable week.
This is no financial advice,
RL from RT_Trading_
After our latest huge success I want to update the current XAUUSD Chart as I start to recognize a clear price action.
The fact that Gold didn't make a new high trapped a lot of Elliot Wave traders since most were expecting another Leg up to complete the inner Cycle of Wave 5 which would then conclude to a bearish ABC correction of the overall cycle.
What happened to Gold is a so called ''failed fifth'' where the fifth wave of a cycle cannot exceed above wave 3. This a uncommon price action and is a clear sign of weakness that shows us that bears are slowly getting into control.
So what's next?[/I]
Since I always look into inner counts of each wave I have found an invalidation point according the bullish scenario, where wave 5 would make a new high before it starts retracing. Therefore I assume that we move currently in Wave a. Wave a is a correctional wave that occurs after a completed Cycle of 5 waves and is also made out of 5 waves. In this case I expect that we are currently building up wave 4 which usually builds up the form of a triangle before wave 5 starts the next impulsive move - in this case downwards. We can expect that wave a lands between 38% - 50% of the major cycle. This is where I will place my buying orders to catch up the move of wave b, that should retrace at least 50% of the movement of wave a. Exactly here is the point, where I will close my orders to look for a good short swing and catch the whole move of wave c.
That said: I wish ya'll the best and a profitable week.
This is no financial advice,
RL from RT_Trading_
交易結束：目標達成
First target hit. Looking for buys now.交易進行
We have successfully entered our Short position - Gold is already reacting at our highlighted area.交易結束：目標達成
TP1 Hit.註釋
I will upload a new Idea based on the current PA. If you have opened longs at my TP1 I recommend you to hold those.This is no financial advice, you decide over your trading. I just give recommendations based on my expertise.
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