Elliotwavesglobal

Price is yet to finish the 4th wave correction. The current wave structure shows a possibility of a complex correction with wave X unfolding as a triangle. If we are correct we should expect wave Y to the downside when the triangle is completed as indicated on the chart. To take advantage of these movements on should find support to ride wave C of E. and then short the market to completion of the larger degree 4th wave.

We are yet to complete wave 4. So far the structures supports the triangle correction and price completed wave "d" and started final wave "e". If we are correct we should expect price make another 3 waves down to complete wave 4 and then resume the bullish momentum. To take advantage of the overall trend one should find areas where price has high probability of finding support to take the trade.

Bullish bias is still on. Price made impulsive wave 1 of lower degree and now we should expect price to continue up to test the upper trend line. There is also a possibility that the 4th wave is still in play and a possible triangle is about to be finished, however, this does not change our current bias to the upside. I am expecting price to drop to test the extreme order flow before continuing. To take advantage of the bullish move one need to find the entry around this extreme order flow marked with a rectangle. "Trade responsibly, this is not financial advice"

The view we had in past three weeks was a possibility of complex 4th wave and our short term bias was bearish. But price reacted and closed above 61.8 Fibonacci retracement level and therefore changed our bias to bullish(Technically 4th wave is complete). Another confluence was a clear 5 waves after the reaction on the 61.8 fib. Now two possibilities, either wave 2 is complete and we should expect price to continue up from current price level or a possibility of double 3 to push price down to atleast 61.8 Fib before continuation to the upside. To take advantage of this anticipated move a trader should either wait for price to drop to the golden zone or wait for price to breach the immediate high and retest.

From our previous count we were anticipating a drop for 4th wave completion. We can see now we have been dropping as anticipated. Given the current wave structure I am expecting a double 3 (wxy) to complete this 4th wave. If we are correct then we should expect price to continue down from current position before pulling back up and fall one more time. To take advantage of the move if not caught at the top, one should find areas where price will find resistance to short the market.

On our previous view we were expecting a wave c to the upside that will complete wave B of higher degree. It looks like wave B is completed with an ending diagonal. Now what I am anticipating is price to drop to complete wave 4 in higher degree. However, if wave 4 is complete then the move up might be a leading diagonal for wave 1 of 5. But all in all the the current bias is to the downside and therefore to take advantage of the move to the downside one should find areas where price will find resistance for a possible sell opportunity.

XAUUSD have been in uptrend for sometimes now with small pauses on the way. Given the current wave count we are clearly on corrective wave 4. The question is, is the correction completed or should we expect a further push to the downside? One of the possibilities is that the precious metal is making a complex correction WXY and currently we are bullish to complete wave X before resuming the decline for 4th wave completion.

On our previous analysis we were expecting price to start decline to form 4th wave of higher degree but price instead of creating na impulsive down we had a clean zigzag signaling we are not yet done with the 5th wave. Now we have a recount of this 5th wave and we can see we still bullish. If this current count is correct we should expect price to continue up and find resistance at the upper trendline. Lets monitor it for a possibility of taking advantage of the continuation higher.

Given the current wave structure looks like we are yet to complete the bullish phase. Now I am expecting a short term pullback for lower degree 4th wave where I expect price to find support at 50% fib then continuation to the upside. Overall we are bullish but we should expect periods of price to pullback to gain momentum.

Given the current wave structure we are on 4th sub-wave. The question is whether the correction is completed or we should expect price to retrace lower to fib 38.2. The lower time frame shows high probability of retracing lower to at least to 38.3 fib. A trader who wants to take a continuation trade need confirmation of the bullish momentum.