It is starting to be interesting with XAUUSD at the moment - here are two possible paths:
Short position:
- Wave 4 is completed (ascending triangle pattern). It should bounce down and break through the support line.
- C-leg on a possible Gartley Pattern is completed.
- It breaks throug the mid arc (It has tested this one twice).
- It should descend all the way down to 830$.
- It will hit the target arround Q1, 2021.
- The outer arc, Gartley pattern and The global trend line confirms this.
Long position:
- Wave 5 next and it will bounce up right after, through the resistance line.
- It should bounce upwards the next days avoiding the arc. It is very important that it avoids this arc along the upward trend.
- It should rise all the way to the 0.5 or 0.618 fibonacci level (or maybe even the 0.786 level)
- The Triangle potential confirms the 0.786 fibonacci level.
- The inner resistance arc confirms the 0.618 fibonacci level.
- It should hit the targets 1485$ and 1580$ in beginning of 2020.
Short position:
- Wave 4 is completed (ascending triangle pattern). It should bounce down and break through the support line.
- C-leg on a possible Gartley Pattern is completed.
- It breaks throug the mid arc (It has tested this one twice).
- It should descend all the way down to 830$.
- It will hit the target arround Q1, 2021.
- The outer arc, Gartley pattern and The global trend line confirms this.
Long position:
- Wave 5 next and it will bounce up right after, through the resistance line.
- It should bounce upwards the next days avoiding the arc. It is very important that it avoids this arc along the upward trend.
- It should rise all the way to the 0.5 or 0.618 fibonacci level (or maybe even the 0.786 level)
- The Triangle potential confirms the 0.786 fibonacci level.
- The inner resistance arc confirms the 0.618 fibonacci level.
- It should hit the targets 1485$ and 1580$ in beginning of 2020.
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A critical moment right now! It is about to test the bottom line. A break out will indicate further descending ahead.
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According to rising triangle like this it is most likely to break up, in other words an entry on a long position should be perfect now (With a suitable stop loss of course).
But as I mention earlier, if it breaks the bottom line it would indicate a downtrend.
But as I mention earlier, if it breaks the bottom line it would indicate a downtrend.
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A close-up of the current situation:
Giao dịch đang hoạt động:
Short postition right now should work!
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...and it drops!
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Here are the next stops along the descending path. The next arc would be very critial (Marked with a red curve in this case):
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First stop is about to be reached:
