Better yet - here's a chart pic illustrating it:- But note all bets are off if it just continues, as it has done for a while, higher and higher. That's if for me tonight.
How do you estimate the dates at which you expect correction? Is it based on EW taking x number of days to complete each leg of the pattern or is it based off of other factors that influence the market?
Monday Daily 4hr 30min **Correction for bottom left text: "..before making a kind of weak looking reversal..." What I'm looking for: 1. Retest into support near 2840
XAUAUD Today i will likely be more focused on XAUAUD, with the threats of further tariffs from Trump over the weekend the USD could rally against other currencies meaning xauaud should be relatively stronger Daily 1hr 30min What I'm looking for: 1. Long entry near support around 4565 - 4570 2. If the 30min TL breaks I'll look for a long entry near 4510-4520
Tuesday 4hr 30min 15min What I'm looking for: 1. Trend is looking very strong so I'll be taking every valid setup I see 2. If price turns back to test previous highs of the previous range, I will be buying the at first sign of strength
Wednesday Daily 4hr 1hr What I'm seeing: Until the 4hr TL breaks my bias is still bullish overall. In saying that, I can see the market is currently still under selling pressure and angled down. The break of the CTL isn't the cleanest so i want another sign of strength before I start looking for long entries. I will also be keeping an eye on XAUAUD. If/When AUDUSD starts moving down again XAUAUD will likely have more favorable opportunities than XAUUSD What I'm looking for: 1. A strong reversal pattern around 2880 - 2890 before looking for long entries.
Thursday Daily 4hr 1hr 15min What I'm seeing: The market made a strong reversal after the initial spike down after CPI but is still finding resistance near 2910 Usually I'd look for a long entry in line with the current bull trend around 2902-2904 but the fact resistance is just above the current price and the market has already tested the TL 3 times. I find that often the 4th test of a TL either has a big overshoot or breaks the trend completely (not always but much higher probability). For these reasons I'd prefer to wait for a better entry point What I'm looking for: 1. A break above 2910, will look to enter on the first pull back
Monday Daily 4hr 1hr 15min What I'm looking for: 1. A strong move up above 2895. Then I will look for long entries Additional note: Price seems to be quite active this morning during premarket. Relatively large range bars for this time of morning and spreads are narrow. When I have seen these signs in the past it usually indicated there was going to be a extra trading volume and larger moves than usual.
Tuesday - XAUUSD Daily 4hr 30min 15min What I'm seeing: A lot of indecision. What I'm looking for: A decisive move one way or the other to break out of the current range. I'll then reassess and see if there are better opportunities