XAUUSD - decision point 240 chart

we are at a point on the 240 in Gold. one more up.. or break to the downside.. either way looks like a good time to look for a trade in the pair!

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240 still in uptrend, but broken trend line - if you are EWT guy the possibility of a running flat exists - in which case this strong move back up will go and break the top.. however we hit the 618 retracement and have a 60 min down move.. lets look deeper..

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in the 60 min we have a nice move up, now a pretty sharp down move and a very corrective looking climb up - this suggests another move down to at least complete a 3 wave correction before heading higher. so this may be a short term trade against the trend, but may be a good trade if you are up for the risk. definitely use a strategy you trust to get the break out as some of these will just keep going and break to upside and never give us the expected down move -- happy trading!

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doing as expected.. watch as we come to the low for completion of flat and start looking for buy setups..

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buy set up forming.. careful as this can be a flat or triangle forming.. so watch it as the trend comes into play above.. taking it for flat and chance it goes..

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Flat it was.. nice trade.. looking like another flag to buy again.. sure is nice when they go as expected..

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has broken the uptrend and flag set up forming for sell now

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lets look at a possible bigger structure development forecast - to keep simple i will just use different degree and consider 3 wave structures.. and we can follow how it develops on the daily.. lets see..

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as promised still following.. looking like we expected so far.. close to breaking low and we will see how far down we go before buy setups..

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how amazing is wave theory -- look back at the prediction on daily above.. lets see if gold continues to follow the arrows!!