XAUUSD
- Testing previous structure, previous trend line as support, now resistance;
- Entering overbought at 161% extension from eventual wave 1;
- Retracement expected, but the price can never overlap wave 1, retracement between the 38,2% and the 50% will keep this impulse real;
- Bearish Bat pattern above previous trend line (structure), that can be also a possibility and a better risk reward zone level to enter short, regarding previous structure high's;
- If we get one Fast second wave(2) we should get one Slow fourth wave(4);
- Wave 5 = wave 1 (end of one 5 waves impulse)
- Correction...
BAT:
Point B:
38.2% to 50% XA
Point C:
38.2% to 88.6% AB
Point D:
88.6% XA
Targets:
TP1 38.2% AD
TP2 61.8% AD
Check previous published ideas for Gold (links below);
Safe Trades;
