XAUUSD-EW-very interesting long term projections
Very interesting, according to this weekly chart the price is developing a five wave decline that corrects a larger monthly impulse.
Primary wave 5 (purple) is unfolding as an ending diagonal, a 3-3-3-3-3 structure ("zigzags")
Looking at the internal structure of the diagonal we see prices is under bearish pressure trying to break a 0.61 fib proyection of wave 3 (orange)
If the price breaks this level a good strategy would be to put sell stop orders below this level.
Final target would be the 100% of diagonal's wave 3 (near 1041)
This levels coincides almost exactly with the projected primary wave5=wave 1 (purple) of the larger impulse decline
Best Regards
Primary wave 5 (purple) is unfolding as an ending diagonal, a 3-3-3-3-3 structure ("zigzags")
Looking at the internal structure of the diagonal we see prices is under bearish pressure trying to break a 0.61 fib proyection of wave 3 (orange)
If the price breaks this level a good strategy would be to put sell stop orders below this level.
Final target would be the 100% of diagonal's wave 3 (near 1041)
This levels coincides almost exactly with the projected primary wave5=wave 1 (purple) of the larger impulse decline
Best Regards