GOLD-XAU/USD - Short-Term BUY - Reversal - Minor 3
GOLD-XAU/USD has started our previously announced and posted Minute 2 (green).
We are reviewing the Wave Count and preparing for a Short-Term BUY because GOLD-XAU/USD is approaching significant Support Levels around 1250.00 & 1230.00.
Minor Wave 2 (green) unfolded with a Complex (Double Three) Structure in Minutes WXY (red), with a Flat in W (red) and a Channel Zig-Zag in Y (red).
Minor 2 (green) is preparing to test the 50-61.8% Fibonacci Retracement Levels of Minor 1 (green) and the Bounce on the up-side is quite possible.
50% Retracements are ''in focus'' and plausible due to the fact that those Levels are also reflecting 100% Fibonacci Extensions of Minutes W&X (red) towards targeted Y (red).
However, due to the fact that Minute Y (red) is trading its Zig-Zag within a Channel, if a Bearish Beach of Lower Channel Trendline would occur, GOLD-XAU/USD would have enough ''power'' to test the 61.8% Minor 1 (green) Fibs Retracements.
A Bearish Breach Scenario would turn our focus towards the 1230.00 Levels, which would indicate the fact that Minute Y's (red) final Leg would be extended towards 150-161.8% Fibonacci Expansion of Minutes W&X (red).
* Note that for now we are only targeting the 1278.00 Levels for now, and that we would be looking for further up-side, if Bullish Impulse would confirm the start of the very powerful Minor 3 (green).
GOLD-XAU/USD - Short-Term BUY Positions:
Aggressive Entry - 1250.00
SL - 1238.00
Moderate Entry - 1245.00
SL - 1230.00
Conservative Entry - 1234.00
SL - 1220.00
Safety Measures:
- When in the green, move SL at break-even or in profit
- if Conservative, watch for Bullish Divergence confirmation
- if conservative, watch the Lower Channel Trendline and if Bearish Breach, look for Flag and then Bullish Divergence
We are reviewing the Wave Count and preparing for a Short-Term BUY because GOLD-XAU/USD is approaching significant Support Levels around 1250.00 & 1230.00.
Minor Wave 2 (green) unfolded with a Complex (Double Three) Structure in Minutes WXY (red), with a Flat in W (red) and a Channel Zig-Zag in Y (red).
Minor 2 (green) is preparing to test the 50-61.8% Fibonacci Retracement Levels of Minor 1 (green) and the Bounce on the up-side is quite possible.
50% Retracements are ''in focus'' and plausible due to the fact that those Levels are also reflecting 100% Fibonacci Extensions of Minutes W&X (red) towards targeted Y (red).
However, due to the fact that Minute Y (red) is trading its Zig-Zag within a Channel, if a Bearish Beach of Lower Channel Trendline would occur, GOLD-XAU/USD would have enough ''power'' to test the 61.8% Minor 1 (green) Fibs Retracements.
A Bearish Breach Scenario would turn our focus towards the 1230.00 Levels, which would indicate the fact that Minute Y's (red) final Leg would be extended towards 150-161.8% Fibonacci Expansion of Minutes W&X (red).
* Note that for now we are only targeting the 1278.00 Levels for now, and that we would be looking for further up-side, if Bullish Impulse would confirm the start of the very powerful Minor 3 (green).
GOLD-XAU/USD - Short-Term BUY Positions:
Aggressive Entry - 1250.00
SL - 1238.00
Moderate Entry - 1245.00
SL - 1230.00
Conservative Entry - 1234.00
SL - 1220.00
Safety Measures:
- When in the green, move SL at break-even or in profit
- if Conservative, watch for Bullish Divergence confirmation
- if conservative, watch the Lower Channel Trendline and if Bearish Breach, look for Flag and then Bullish Divergence
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