XAU/USD hinting major reversal
As Elliot would put it the throw over occurs when price has gone "too fast too soon "and is due for a steep correction. Ending diagonals show up in Wave C and 5 also signalling the end of a trend. Will gold plummet or defy the odds and keep pumping to the moon.
Im also looking for a move up to 61.8 FIB level and for that to reject and head to the downside for further confirming the bears control.
A break of 2150 area will confirm sells for me with a possible ride down to 1820 Area.
Long term bullish stance on gold for its popularity as a safe haven asset, but from a technical standpoint a correction looks to be in the works.
This setup is invalidated with a break above the most recent higher high of $2222.
Trade safely :)
Im also looking for a move up to 61.8 FIB level and for that to reject and head to the downside for further confirming the bears control.
A break of 2150 area will confirm sells for me with a possible ride down to 1820 Area.
Long term bullish stance on gold for its popularity as a safe haven asset, but from a technical standpoint a correction looks to be in the works.
This setup is invalidated with a break above the most recent higher high of $2222.
Trade safely :)
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