Idea is based on a combination of elliotwave theory and median line analysis. The reasoning behind this technical analysis is shown on the chart along with specific target and stop loss. Good luck
Bullish BAT formation happen on H1 chart, Long@1.0850
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BOOM!
dojitrader
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I also went long this morning based on the hourly hammers.
Bummer so far ~~~~
Anyway, I was wondering, If the larger degree, Gold wave C ended on May 9th as you
have labeled. How do you anticipate the labeling of price action, on the same larger
degree since that date ?
Thanks for your thoughts and wishing you lots of pips in your pocket !
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Hello Dojitrader, I am still long coz I still keep a bullish bias due to both hourly and daily analysis. Concerning your question: as you can see above price action has been rising within this channel you could call it consolidation (to the upside) I guess? Until now there hasn't been any signs of a clear impulse move. It is going to happen though I anticipate this due to the much larger, older (and more validated) slope which is clearly to the upside. I think as soon as we break that little blue slope a new impulse to the upside is going to happen. Wishing you good luck!