Hellena | GOLD (4H): Long to resistance area of 2711.
Updated
Dear colleagues, the price continues its upward movement and it means that wave “C” is definitely formed.
I believe that the price is forming a five-wave movement and we have 2 options for the development of events
1) Wave “1” is not formed yet and will continue the upward movement - this is a more risky entry into a long position.
2) Wave “1” is formed and I expect a correction in wave “2” to the area of 38.2-50% Fibo lvl (2605.5) and then an upward movement to the resistance area 2711.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
I believe that the price is forming a five-wave movement and we have 2 options for the development of events
1) Wave “1” is not formed yet and will continue the upward movement - this is a more risky entry into a long position.
2) Wave “1” is formed and I expect a correction in wave “2” to the area of 38.2-50% Fibo lvl (2605.5) and then an upward movement to the resistance area 2711.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Note
Well... Wave “1” keeps updating the maximum, and I'm not getting the correction I want).
Still, I believe that the correction in wave 2 should start today.
Trade active
This is a rather interesting situation where the target seems to be reached, but I still expect a big correction, so I prefer to keep this forecast active for now, but positions will be opened only when the 2625 level area is reached.Note
The price has reached the 2605 support area (38.2-50% Fibonacci level).
This means that now I will consider only long positions again. My plan is to reach the resistance area 2711 again.
Note
The price is slowly ending the inertial movement after the decline and I think this is a good sign for the continuation of the upward movement. The first thing I want to see is the 2662 level. Overcoming this level will mean high chances of success!
The news background in the Middle East has a strong influence on the price, but I think that everything is going within the forecast.
Note
Price has pushed off from the 2605 level and now I don't think this level will be updated. This means that wave “2” is completed and now I expect wave “3” in the upward movement.Note
Colleagues, in the short term forecast it may make sense to look at short positions, but in the long term I still expect the upward movement to continue after the correction.
This correction is now underway and I think wave 3 is about to begin. Keep a close eye on the situation at the beginning of the week.
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