ChauhanCapital

XAUUSD: Let's Finally See a Correction...

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OANDA:XAUUSD   Emas Semerta / Dolar A.S.
Hello everyone, this is my analysis for XAUUSD (GOLD);

- Gold had been pushing up continuously for a while until recently showing exhaustion (rejections in D1 TF on current resistance).

- Price has seemed to complete the 1-2-3-4-5 Elliot Wave structure after a strong third wave impulse. A correction is possible with the formation of the H&S pattern (A-B Elliot Wave right shoulder, C being the breakout).

- Target for the correction is around 1570.

- An ideal entry for a short would be if price breaks the current trend-line and crosses below the Ichimoku cloud with a red cloud formation.

- Thank you for dropping by and checking out my idea!

- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!

Good luck!
Komen:
- Price successfully corrected to the anticipated target.
Penafian

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