XAUUSD Elliott Wave Analysis

1 May 2021

On Gold I am bullish due to the fact that we are forming an expanding leading diagonal for our first wave on a higher cycle. Also, if you look at the monthly TF as well you will see a bullish engulfing candle that is in play right on the monthly 38.2% fib level. This indicates to me that super cycle wave 4 is done and we are looking to continue the overall bullish trend for wave 5. If looking for trading opportunity, wait until wave 5 of wave 1 is complete and then look for correction to 50-61.8% fib level in order to enter long positions.



I hope you enjoyed my analysis. Follow for more.