XAUUSD Both Direction Possible
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Hello traders.
I like to share with you my gold analysis. Even if both directions are possible, we have a long trade setup. Let me explain.
Yellow wave count is one option. Based on it, down move was the X wave and it will go up for Z. Minimum target is breaking the of Y. The structure between yellow lines looks like a flag for more upside. So, wait for the breakout, and take the long trade.
The second option is blue wave counts. Based on it, last part was expanding wedge (abcde) and now it is making the next down impulse. Expanding wedges are extremely rare corrective patterns. That's why I don't think blue counts will be the case, but of course, they can be. So, wait for a correction, then wait for the breakout, and take the short trade.
Trade with care, bye.
I like to share with you my gold analysis. Even if both directions are possible, we have a long trade setup. Let me explain.
Yellow wave count is one option. Based on it, down move was the X wave and it will go up for Z. Minimum target is breaking the of Y. The structure between yellow lines looks like a flag for more upside. So, wait for the breakout, and take the long trade.
The second option is blue wave counts. Based on it, last part was expanding wedge (abcde) and now it is making the next down impulse. Expanding wedges are extremely rare corrective patterns. That's why I don't think blue counts will be the case, but of course, they can be. So, wait for a correction, then wait for the breakout, and take the short trade.
Trade with care, bye.
Nota
It looks like yellow WXYXZ structure has been completed. Now it's coming down quite fast. Wait for a correction to take any short trade.
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