1046-1375-1123- If counted as FIB ratios of Elliott wave 1 and 2.
We have to work on wave 3 which should be swift,given the nature of dynamics of GOLD,
I prefer to count waves of 3 into wave 1 and 2 of wave 3 and 3 of wave 3(primary).
In that scenario, 1123 -1295 - 1165 could be wave 1 and 2 of wave 3.
The price 1259 forms the neckline of H&S pattern.
The above scenario becomes invalid if 1259 is broken and we can look for 1360.
TRADE Set up of mine ;
Sold 1246 stop 1260.50 target 1166.50.
(If the price reaches 1166 I am sure of wave 3 of bigger magnitude ( 1765) to make a small fortune in two years and wave 5 ends at 2215)
Buystop 1261 stop 1236 target 1359.50
If 1261 buy is triggered before 1166 we can think of 1579.
These are just my ideas and not trading recommendations.
We have to work on wave 3 which should be swift,given the nature of dynamics of GOLD,
I prefer to count waves of 3 into wave 1 and 2 of wave 3 and 3 of wave 3(primary).
In that scenario, 1123 -1295 - 1165 could be wave 1 and 2 of wave 3.
The price 1259 forms the neckline of H&S pattern.
The above scenario becomes invalid if 1259 is broken and we can look for 1360.
TRADE Set up of mine ;
Sold 1246 stop 1260.50 target 1166.50.
(If the price reaches 1166 I am sure of wave 3 of bigger magnitude ( 1765) to make a small fortune in two years and wave 5 ends at 2215)
Buystop 1261 stop 1236 target 1359.50
If 1261 buy is triggered before 1166 we can think of 1579.
These are just my ideas and not trading recommendations.
