- Gold is currently sitting on a strong support level on the weekly chart!
- We have a great confluence here – an ascending parallel channel + 200 weekly moving average + bullish rectangle .
- 200 weekly MA is considered as a very strong support by huge institutions and hedge funds.
- ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here!
- I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside.
- You can place your profit target to the TOP of the parallel channel , but do not forget to switch to a LOG scale.
- https://www.tradingview.com/chart/XAUUSD/0rXlz0BK-Gold-XAU-New-bull-market-just-started-Elliott-Wave-Channel/
