XAUUSD update: consolidation then downtrend to continue?
This is an ongoing study of Gold.
Currently expecting some consolidation for a micro wave 4, looking to retest recent high of its wave 3.
Below current price is a zone defined by two very important Fibonacci Extensions.
The Important Fibs:
The orange 11.089 extension is from this fib:
yes, believe it or not, a move from 254.40 to 340.45 in 1999 was the ''pebble'' that hit the water and we are now observing the ''ripples'' that resulted.
The red 3.618 is from this fib:
The Fibs and Elliot Wave pattern indicates one more wave down to come
GULP
Currently expecting some consolidation for a micro wave 4, looking to retest recent high of its wave 3.
Below current price is a zone defined by two very important Fibonacci Extensions.
The Important Fibs:
The orange 11.089 extension is from this fib:
The red 3.618 is from this fib:
The Fibs and Elliot Wave pattern indicates one more wave down to come
Kommentar:
Gold hovering just below resistance but has pierced and not dropped yet. it might go a little higher, so will be looking for shorts after the weekend
the Golden Ratio is my Religion
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the Trading View is my Nation
the Moderator Tag is my Flag