GOLD 4HR (elliot wave with hidden bullish divergence?)
interesting situation developing on gold right now
I believe I have identified a potential 5th Elliot wave with divergence offering extra confirmation, however my analysis is not 100% solid for the reasons i give below.
so the Elliot wave pattern indicated with blue lines is very clear however the 4th wave is venturing into wave 1 territory which is an unbreakable rule of Elliot waves hence why im not absolutely convinced of future direction.
In truth im also not 100% that the divergence is hidden bullish, there is clear divergence marked by the white trend lines though so price is definitely getting ready to move.
However with all that being said based on previous price action and the line of support/resistance at the bottom of wave 4 swing low I do still believe the price is likely to continue up. if that is the case I would look to enter a position after a break of the psychological level at 1980.00, stop loss just below previous swing low and take profit around the 2010.00 level for a 2:1 risk reward ratio
most likely price will make its move after the FOMC minutes data released tomorrow at 19:00 or the US durable goods orders on Wednesday at 13:30 either way im excited to see what happens.
I believe I have identified a potential 5th Elliot wave with divergence offering extra confirmation, however my analysis is not 100% solid for the reasons i give below.
so the Elliot wave pattern indicated with blue lines is very clear however the 4th wave is venturing into wave 1 territory which is an unbreakable rule of Elliot waves hence why im not absolutely convinced of future direction.
In truth im also not 100% that the divergence is hidden bullish, there is clear divergence marked by the white trend lines though so price is definitely getting ready to move.
However with all that being said based on previous price action and the line of support/resistance at the bottom of wave 4 swing low I do still believe the price is likely to continue up. if that is the case I would look to enter a position after a break of the psychological level at 1980.00, stop loss just below previous swing low and take profit around the 2010.00 level for a 2:1 risk reward ratio
most likely price will make its move after the FOMC minutes data released tomorrow at 19:00 or the US durable goods orders on Wednesday at 13:30 either way im excited to see what happens.
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