XAU/USD Gold Spot OANDA (The Long and Short of it).
Hello friends,
Looking at gold you can see that we are in a corrective triple zigzag pattern. Currently on the smaller time frame, we are on wave C. This could be a nice long with profit taken as suggested on this chart. Wave C typically retraces 100% to 1.618% of Wave A.
Once this retrace finishes, We have a nice short opportunity that could be very profitable. Once C wave of 4 wave completes, we will see 5 wave head towards Z wave and its all down from there.
This short will obviously take some time to complete but profits can be made on the way down with ABC patterns.
Good Luck.
Cheers!
Not trading advice, do own research.
Looking at gold you can see that we are in a corrective triple zigzag pattern. Currently on the smaller time frame, we are on wave C. This could be a nice long with profit taken as suggested on this chart. Wave C typically retraces 100% to 1.618% of Wave A.
Once this retrace finishes, We have a nice short opportunity that could be very profitable. Once C wave of 4 wave completes, we will see 5 wave head towards Z wave and its all down from there.
This short will obviously take some time to complete but profits can be made on the way down with ABC patterns.
Good Luck.
Cheers!
Not trading advice, do own research.
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Picture above is a triple zigzag with zigzag X waves.
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Buy opportunity for gold.
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Zoomed out comparison of buy in opportunity.
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