Gold weekly analysis Wave counting

8 Ağu

This is my Elliot wave counting for the gold on the second week of August. After a big decline of gold, there was a big correction pattern (A-B-C) after the bull run, and now the price is reaching a big resistance area. I think is forming a triangle pattern which is pretty attractive to trade on the upcoming week for breakout traders, it either can go up or down, let's wait for the move.

I personally use too in the analysis "NWOG" which is a ICT concept, and it's my favorite related to price action reading. Personally i don't use too much fair value gaps, only when the market is trending but when it's sideways I don't use it.

Thanks and I hope you like this idea.
Stay safe,
Sebastián.