Looking to short GOLD according to Elliot wave
Since october 2018,
XAUUSD
have been moving upward, now testing $1300 level.
In a weekly analysis point of view, we can smell a reversal signal (maybe short). This week just closed with an inverted hammer candlestick wich indicate more selling pressure.
On the weekly time frame, I'm looking for an Elliot wave 3rd impulse. I have combine Elliot waves theories and Ichimoku indicator for analysis. We can see 2 waves have already been formed. The price rejection (inverted hammer) at the Senkou span B level also votes for a bearish signal. The 3rd impulse (red line) is forecast if the Elliot waves theory is validated. Meanwhile, we might get a light pullback before going long (green line).
We will have a clearer mind next week at the close of the next candle to this inverted hammer.
XAUUSD
have been moving upward, now testing $1300 level. In a weekly analysis point of view, we can smell a reversal signal (maybe short). This week just closed with an inverted hammer candlestick wich indicate more selling pressure.
On the weekly time frame, I'm looking for an Elliot wave 3rd impulse. I have combine Elliot waves theories and Ichimoku indicator for analysis. We can see 2 waves have already been formed. The price rejection (inverted hammer) at the Senkou span B level also votes for a bearish signal. The 3rd impulse (red line) is forecast if the Elliot waves theory is validated. Meanwhile, we might get a light pullback before going long (green line).
We will have a clearer mind next week at the close of the next candle to this inverted hammer.
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Let's dive...