XAUUSD, 4hr tf, 5th wave analysis of Elliott Wave

We are currently on the process of the 5th wave after Friday aggresive movement. Friday drops was the movement of 4th wave because it was so quick to turn around after touching 1747-50 area. That can be counted as 4th wave because it didn't touch 1st wave area.

I am expecting price to continue going up until 161.8 fibonacci level which is around 1799-1800.

Buy position could be taken at 1767-1770
Stop loss is at 1757
Take profit 1 @1778
Take profit 2 @1789
Take profit 3 @1800

Good luck

Commentaire:

As the recent movement in XAUUSD, i suggest waiting and don't open any long position first. We could see price move to 1759 first before heading to the upside again.

Commentaire:

as expected of this, price go toward 1759 area first before continue going up.
i've buy this pair during the dip and now got floating profit

we might see price heading toward 1800 soon