GOLD IS GOING TO EXPLODE!

Hello trades,

Today we are looking at XAUUSD.

In my analysis you seen above, I am using the Elliot wave trading strategy which I commonly teach.

Firstly we shorted as Gold rejected our 8HR EMA and 0.5 fibonacci

Gold is currently forming corrective wave A where we can see our minor impulsive waves forming.

https://bpcdn.co/images/2016/05/grade9-reverse-abc-correction.png

We are currently forming wave 2 which is a ABC corrective wave before continued bullishness

We are expecting price to continue down to our long zone at our 0.5/0.618 Fibonacci zone where we will be expecting subwave 3 to form which is a impulsive wave.

If you like my idea, be sure to give it a boost!