XAUUSD HOURLY BULL (MINUTE ALTERNATE 1)
This count is based on the assumption that *XAUUSD 4 HOUR BULL (MINOR ALTERNATE 1)* is correct, in that minor 4 has terminated and that minor 5 is underway.
Here is a closer look at the subdivisions of what could be the early stages of minor 5.
This count states that 1) minute 1 is complete and 2) minute 2 is underway and near completion as an ascending triangle.
If the triangle is symmetrical then we have an overshoot of wave D. If the triangle is ascending then we can expect wave E to overshoot.
However the latter is more valid since it adheres to the guideline that it is wave E that tends to overshoot. But for non-bias, both are considered to determine the particular variation of this triangle.
Is minuette D nearer to minuette B (for ascending triangle) or the symmetrical clone of the line connecting minuette waves A and C? It is closer to the former (but only by a small margin). Therefore I will accept that the nature of the triangle at hand is ascending and not symmetrical. What this means in terms of predictive analysis, is that the guideline of a wave E overshoot is prominent but it may not move beyond the end of wave C.
It is highly probable that Minute 2 is complete and Minute 3 is underway. This will be confirmed after more price action.
Here is a closer look at the subdivisions of what could be the early stages of minor 5.
This count states that 1) minute 1 is complete and 2) minute 2 is underway and near completion as an ascending triangle.
If the triangle is symmetrical then we have an overshoot of wave D. If the triangle is ascending then we can expect wave E to overshoot.
However the latter is more valid since it adheres to the guideline that it is wave E that tends to overshoot. But for non-bias, both are considered to determine the particular variation of this triangle.
Is minuette D nearer to minuette B (for ascending triangle) or the symmetrical clone of the line connecting minuette waves A and C? It is closer to the former (but only by a small margin). Therefore I will accept that the nature of the triangle at hand is ascending and not symmetrical. What this means in terms of predictive analysis, is that the guideline of a wave E overshoot is prominent but it may not move beyond the end of wave C.
It is highly probable that Minute 2 is complete and Minute 3 is underway. This will be confirmed after more price action.
Wave E may not move beyond the end of wave C even if it's an overshoot.
However, the invalidation of the subdivision count does not detract from validity of the parent count. In the next publication titled *MINUTE ALTERNATE 2*, we will calculate how minute 2 may be unfolding otherwise.
NOTE TO SELF:
*MINUTE ALTERNATE 1* presenting the corrective formation of an ascending triangle was inaccurate. Wave B ought to be somewhat in line with the beginning of Wave A. This certainly wasn't the case.