Daily trading strategy XAUUSD 05 March 2020
According to the theory of Fib Retracement ,
Wave 1's retracement is around 38.2%(from Aug 2018 to May 2019)
Wave 2's retracement is around 38.2%(from May 2019 to Nov 2019)
Therefore, Wave 3's retracement should be also finished on 38.2%, it is around 1598-1602
It also lays on two uptrend support predictions.
However, if the price go down and break 1600 level, then it is possible can draw a conclusion in Elliott Waves theory.
Wave 1's retracement is around 38.2%(from Aug 2018 to May 2019)
Wave 2's retracement is around 38.2%(from May 2019 to Nov 2019)
Therefore, Wave 3's retracement should be also finished on 38.2%, it is around 1598-1602
It also lays on two uptrend support predictions.
However, if the price go down and break 1600 level, then it is possible can draw a conclusion in Elliott Waves theory.