joe-abdallah

Irregular but effective setup for Gold

Long
OANDA:XAUUSD   Or / Dollar Américain
As we can see on the chart, WXY pattern is clear with an irregular X wave (because of yesterday's Fed news), but still valid and didn't break the low of wave W.
A contracting triangle is forms wave B in the ABC pattern for wave W, even if a huge wick went out of it: closing above the downside of the triangle, this candle on H1 shows that the setup was still valid (second irregular form). Wave Y can be the extension of 0.618, 1 and fib level of wave W and X, to give a chance to this sideways trading market to take a direction.
Wait for 1690 and 1700,

Goodluck,
Joe.
Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.