Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
In this analysis, we examined the ascending wave of wave 2 at higher timeframes.
And both considered the probability of the structure of this wave as 5 waves.
And this 5-wave structure is complete and the price needs to be corrected, we think this correction is in wave 3, but I did not count this trend because the wave is vague.
But we think that this correction is in wave 3 of a wave a in the zigzag, and wave 4 is formed at the same point, which is a good support, and ends in the form of a pullback to the bottom of the orange channel, and then wave 5 and again correction for wave b. And finally a c wave is formed.
If Fibo 0.618 is broken, the second possibility is considered in higher timeframes.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
In this analysis, we examined the ascending wave of wave 2 at higher timeframes.
And both considered the probability of the structure of this wave as 5 waves.
And this 5-wave structure is complete and the price needs to be corrected, we think this correction is in wave 3, but I did not count this trend because the wave is vague.
But we think that this correction is in wave 3 of a wave a in the zigzag, and wave 4 is formed at the same point, which is a good support, and ends in the form of a pullback to the bottom of the orange channel, and then wave 5 and again correction for wave b. And finally a c wave is formed.
If Fibo 0.618 is broken, the second possibility is considered in higher timeframes.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️