GOLD
I see three reasons for me to take this trade as a buy.
1. If the price bounces from the ranges 1820.148/ to1818.468 and turn bullish , then this will be giving us the 4th to 5th elliot wave impulse.
2. 0-1 leg is equal to wave 4 - 5 . if this is true then wav 5 is going to be at 1.13 of wave 2-3 fib level.
3. If this is true then price will drop to wave 1 highs as prices corrects the wave. the highs of wave 1 is at 0.786 of XC of the cypher pattern and of the fib levels
conclusion
If this is true X A B C D
0 0 0.382 1.13 0.786
Then we can buy the D leg of the cypher pattern and go long with the setup. note this is from the 1H timeframe
1. If the price bounces from the ranges 1820.148/ to1818.468 and turn bullish , then this will be giving us the 4th to 5th elliot wave impulse.
2. 0-1 leg is equal to wave 4 - 5 . if this is true then wav 5 is going to be at 1.13 of wave 2-3 fib level.
3. If this is true then price will drop to wave 1 highs as prices corrects the wave. the highs of wave 1 is at 0.786 of XC of the cypher pattern and of the fib levels
conclusion
If this is true X A B C D
0 0 0.382 1.13 0.786
Then we can buy the D leg of the cypher pattern and go long with the setup. note this is from the 1H timeframe
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