14th April UPDATE:
SHORT activated, price fallen out of the trendline channel and wolfe pattern couldn't be completed.
Looks still very bearish, dollar is gaining more power than it already had. That's a bearish sign for the xauusd pair.
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13th April
Gold price has fallen out of the channel in the beginning of March. Now the lower band of the triangle act as resistance.
As you can see gold is being triangled with an upmoving new channel and the lower band. Also a wolfe wave is in play, near to completion. This point 5 where it should fall is almost at the lowerband of the bigger channel which is highly possible to fall down from.
Point 4 of the triangle is at fib level 0.618, which makes the wolfe wave more reliable. Please share your opinion below and if you disagree, I would like to know where your analysis is based upon.
SHORT activated, price fallen out of the trendline channel and wolfe pattern couldn't be completed.
Looks still very bearish, dollar is gaining more power than it already had. That's a bearish sign for the xauusd pair.
--
13th April
Gold price has fallen out of the channel in the beginning of March. Now the lower band of the triangle act as resistance.
As you can see gold is being triangled with an upmoving new channel and the lower band. Also a wolfe wave is in play, near to completion. This point 5 where it should fall is almost at the lowerband of the bigger channel which is highly possible to fall down from.
Point 4 of the triangle is at fib level 0.618, which makes the wolfe wave more reliable. Please share your opinion below and if you disagree, I would like to know where your analysis is based upon.