XAU/USD Zig-Zag Correction analysis
As discussed in the previous post, XAU/USD Correction 1784 or 1764
$1784 as abc is over . Either $1784 or we may see one more leg down upto 1766.
Buy in stages at 1764 and 1784.
Let's revisit the chart, XAU/USD 15 Min Chart,
We can see III wave $1808 and IV wave correction as Zig-Zag or triangle is under progress.
II wave was shallow and III waves is normal at 161.8%(I) so it is a high probability that IV may be shallow and Vth Wave may be extended.
Fibonacci 23.6%(III) is @ 1784
Fibonacci 23.6%(III) is @ 1784
Fibonacci 38.2%(III) is @ 1765
These two levels are carefully watched we may see Bull will active in this zone.
XAU/USD 5 MIn chart :
Wave A : Bottom at 1783
Wave B : 61.8%(A) at 1798
Wave C : C wave has always five impulse as 12345.
My wave count is we have finished 1st wave of "C" and 2nd may complete between 1792-1795
It is interesting to see where the 5th of ''C" is going to complete.
If 1798 is broken upside then this wave count is nullified and we will re-count.
Wave B : 61.8%(A) at 1798
Wave C : C wave has always five impulse as 12345.
My wave count is we have finished 1st wave of "C" and 2nd may complete between 1792-1795
It is interesting to see where the 5th of ''C" is going to complete.
If 1798 is broken upside then this wave count is nullified and we will re-count.
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